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Define Q to be level of output produced and sold, and suppose that the firm's cost function is given by the relationship:
TC = 20 + 5Q + Q^2 (Q is squared)
Furthermore, assume that the demand for the output of the firm is a function of price P given by the relationship:
Q = 25 - P
1. Define total profit as the difference between total revenue and total cost, and express terms of Q the total profit function for the firm. (Note: Total revenue equals price per unit times the number of units sold.)
2. Determine the output level where total profits are maximized.
3. Calculate total profits and selling price at the profit-maximizing output level.
Illustrate what effects do technologies have on costs. What are some lower cost sources the organization may utilize to reduce cost.
the grocery store next door provide an offers to double coupon night for Senior Citizens.
Hurricane Katrina was a natural disaster that would have had an impact in the United State economy. What effect would Hurricane Katrina have on aggregate demand or aggregate supply, other things being steady?
Two executives were arrested by authorities for embezzling money for their firm. Short of confusion the only had enough evidence to put them away for 10 Years.
As per fiscal policy makers increase the budget deficit, monetary policy makers should increase the money supply
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Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
Explain how might knowing this affect you as the manager of a large firm.
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In 2008, the box industry was perfectly competitive. The lowest point on the long run average cost curve of each of the identical box produces was $4,
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