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Kelson Electronics, a manufacturer of DVRs , estimates the following relation between its marginal cost of production and monthly output: MC = $150 + 0.005Q Note - I need to be able to show all work so that I can be able to a apply it within a paper. a. What does this function imply about the effect of the law of diminishing return on Kelson's short-run cost function? Law of Diminishing returns states: As additional units of a variable input are combined with a fixed input, at some point the additional output (i.e., marginal product starts to diminish. b. Calculate the marginal cost of production at 1500, 2000, and 3500 units of output. c. Assume Kelson operates as a price taker in a competitive market. What is this firm's profit -maximizing level of output of the market price is $175? d. Compute Kelson's short-run supply curve for its product.
Derive the firm's supply curve, expressing quantity as a function of price. Determine the market supply curve if North Carolina Textiles is one of 1,000 competitors. Compute market supply per day at a market price of $47 per unit.
based on grossly distorted picture how useful do you think gdp is as an economic indicator? what are its limitations as
Assume that the price of silk ties in a perfectly competitive market is $17 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total Cost 17 24 33 44 57 72 89 108 129 152 177
1. a positive statement is one which isderived by induction. derived by deduction. subjective and is based on
answer the question on the basis of the following cost data for a purely competitive sellernbspnbspnbspnbspnbspnbspnbsp
1. here is the production possibilities table for war goods and civilian
It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.) How would you explain this phenomenon in terms of deman..
Discuss the characteristics of the airline industry within this framework. Does your selected market force result in higher or lower airline profits?
john and dave value national defense differently. johns demand for the public good is p 50 - .20q. daves demand for
address the following questions in a 4 page essay using the resources from online web sites.1. suppose that the real
Show the effects of a price ceiling and a price floor on a market. As for what happens with valuing is different than equilibrium, a rate Floor is Minimum wage where wage rate is bigger than the rate at equilibrium.
Although the company does not have the resources needed to supervise the workers, a full time inspector verifies the quality of each unit produced before a worker is paid for his or her output.
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