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Data for a new product that is very labor intensive introduced by Hicks Brothers in the operation in Hendersonville, TN is given below. The average labor cost including overhead expenses is about $20 per hour. Time for the very first unit = 9 hours Time for the second unit = 8.462 hours. What is the labor cost for the 1000-th unit? Please show all work.
q.the clear brook high school band is holding a car wash as a fundraiser to buy new equipment. the average time to wash
The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P. Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___
Elasticity Using Linear Demand: Budget Line:
Sage has $80 to spend this month on CDs and/or DVDs. A CD costs $10 and a DVD costs $20. Draw Sage’s budget constraint (or budget line), with the number of CDs purchased on the vertical axis. What is the opportunity cost of the second DVD?
Explain what the term “Differentiation” is and why it is important for Monopolistic Competitors to differentiate their product. Give examples of 5 different real-world businesses and how they attempt to differentiate their product.
elucidate what will be the effect on the world price of wool. How does the marginal revenue to Australia from an extra unit of wool relate to the price of wool.
Alex earns $85,000 per year and decides to invest 12% of his salary in a savings account with a return of 7% at the end of each period for 10 years for future use. a)If his salary increases by 2.5% every year, What would the future worth of his inves..
A market is characterized by a demand curve that can be expressed as P = 96 – (1/3) Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 12 q. If the 2 duopolists behave as independent, symmetric C..
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should hav..
Consider two firms with constant marginal and average costs, and equal to 10. Market demand is Q = 500 – 20P. Firms choose quantities simultaneously as in the Cournot model. The solution for the Nash Equilibrium gives a total output equal to what amo..
Describe the shape of the average total cost function and also label the minimum point on the curve.
Define the five types of possible “net” or “overall” effects of the country’s growth on the importance of the trade sector and indicate which types would, other things equal, lead to a deterioration of the growing country’s terms of trade (assuming t..
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