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1. Assume the total cost function of your business is given by C(q) = 100+5q+q2. Then, if the output is q = 10, the average total cost isA. 15 dollarsB. 20 dollarsC. 25 dollarsD. 30 dollars2. Which of the following types of costs is more relevant when making production decisions?A. Marginal costsB. Sunk costsC. Fixed costs3. Assume you are the manager of a business with the total cost function C(q)=50+5q2 and you sell your output in a competitive market at a price of p=250 dollars per unit. Then, to maximize your profit you should produceA. 15 unitsB. 20 unitsC. 25 unitsD. 30 units
Assume a monopolist faces a market demand curve
Assume a given demand curve for massage therapy services. In the context of providing massage therapy services, list, and describe in detail, five different variables that may cause an increase in the demand for these services.
you are the manager of a firm that receives revenues of 50000 per year from product x and 90000 per year from product
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
1. in a market system well-defined property rights are important because theyreduce unnecessary investment. limit
Find below regression output for a demand equation where "p" is own price, "pc" is the price of a compliment, and "ps" is the price of a substitute and "I" is income.
suppose you have just been appointed to a high level position in the economic analysis unit of the state department.
Demand determine prices in a free market system.
Ken will receive a $5,000 annual payment from a family trust. This will continue until Ken in 30; he is now 20. Inflation averages 4% and Ken’s real MARR is 8%. If the first payment is a year from now and a total of 10 payments are to be made, what i..
you have the following information about good x and yincome elasticity of demand for good x is -3cross - price
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
Assume also that South Africa is a net importer of maize and imports maize mostly from the US. The FOB at US Gulf port is US$350 per tonne (1 tonne =1000 kg). Assume freight, insurance and unloading (FIU) cost at Durban is 150 Rands per tonne.
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