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1.Suppose in the short run a perfectly competitive firm has variable cost = 6q2, and MC = 12q where q is the quantity of output produced. Also, the firm has fixed cost F = 6144. a) If the market price of the product is $336, how much output should the firm produce in order to maximize profit? b) How much profit will this firm make? c) Given your answer to b), what will happen to the market price as we move from the short run to the long run? d) What is the break-even price for this market?.
Newbury Drug has recently offered to purchase 25,000 bottles of aspirin that they will sell in their stores under a generic label. Newbury has offered to pay $3.95 for each bottle of aspirin. The controller of Lydek in analyzing the offer has de..
The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
television channel operating profits very from as high as 45 to 55 percent at mtv and nickelodeon down to 12 to 18
Victory Visa, Magnificent Master Card, and Amazing Express are credit card companies that charge different interest on overdue accounts. Victory Visa charges 26% compounded daily, Magnificent Master Card charges 28% compounded weekly, and Amazing ..
a.it is estimated that 18 years from now college tuition at the university of hartford will be 42000 per year. if your
once you complete this weeks readings and review the lecture materials answer the following questions in as much
you just opened a flower shop and are trying to understand pricing issues. you were told that elasticities are very
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
What is the invisible hand principle Does it indicate that self-interset behavior within markets will result in actions that are beneficial to others What conditions are necessary for the invisible hand to work well? Why are these conditions impor..
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
organizational leaders are expected to create realistic visions for their companies and the employees they guide but
what do you think about idea of private money? how do you think it would work? if people were free to use whatever
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