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Your coffee mug company is currently producing at an output level of 200 units per month. Fixed costs are $500 per month. At the current output level, you know that marginal cost is $10 and equal to average total cost. At an output level of 150, you have determined that marginal cost would be $6 and equal to average variable cost. The market price of coffee mugs is $8. If your goal is profit maximizing, should you continue at , increase q above 200, or reduce q below 200? Would you do better to shut down?
A sales person has the following utility function: u(w, ?) = sqrt(w, ?), w is the hourly wage and ? is the number of hours worked in a typical day. This person is choosing between 2 jobs. The first job promises a constant work day of 8 hours and an h..
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
Is the existence of higher fees in areas with a larger physician/patient ratio sufficient evidence to support the hypothesis of supplier induced demand?
Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic.
Do U.S. ethical problems give us the right to demand ethical controls from international companies based outside the United States?
Assume you are a U.S. citizen and currently you can exchange $180 (USD) for 125 GBP (British Pounds). What is the indirect quote relating the USD to the GBP?
Leading up to the crisis of 1997, Thailand had a current account deficit and an economy that was close to full employment, but possibly somewhat above full employment (i.e. there were signs of inflation starting). Where would you put Thailand on t..
Explain how a customer relationship management system can help businesses improve profitability.
suppose that two players are playing the following game.nbsp player a can choose either top or bottom and player b can
A free-market republican argues against the Pigouvian tax by pointing out that the conditions necessary for the Coase Theorem to produce an efficient equilibrium are present in this situation. Assuming that the republican is correct, describe two met..
you run a sport club that offers fitness guidance by the hour.your cost is 40 per hour and you have no other costs.you
by Richard Easterlin, the level of per capita income achieved in the South after the Civil War remained considerably below that in the rest of the nation as late as 1930. Evaluate the hypotheses that have been suggested to explain the poor econo..
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