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In this module, it is demonstrated that some times extensive diseconomies of scale, say, due to high transportation costs, would require that the firm produce its product in a multiple of plants. Suppose a beer brewing company has determined that its total production cost is: TC = 1000 Q - 1.2 Q2 + 0 .004Q3 where Q is its annual output measured in metric tons. A. The average hauling (freight) cost is $0.8Q; that is AFC = 0.8Q. Write the firm's average aggregated cost equation. B. Now suppose the firm is facing the following market demand: Q = 760,000 - 10 P Determine the optimal number of plants that the firm should have to take full advantage of the market demand. C. Calculate the firm's profit. For 5 extra bonus points: D. Compare the firm's profit with multiple plants with its profit with a single plant. Hint: The firm's MC equation based on its aggregated total cost (including the freight cost) is: MC = 1000 - 0.8 Q + 0 .012 Q2
By the Mid of December 2015, The FEDERAL RESERVE BANK has increase the the target range for the federal funds rate to 1/4 to 1/2 percent. What are the objectives of this interest rate? What are the PROS and CONS of raising the rate of interest? Who a..
In oligopoly, each firm is acutely aware of the production and marketing decisions of all competitors and carefully considers the potential competitive reactions in all decisions. Discuss whether firms in other market structures consider the potentia..
Did the government spending increases and large budget deficits of 2008-2011 strengthen aggregate demand?
What are some econometrics texts that you would recommend for me? I learned some intro econometrics in a course which taught from Studenmund but was extremely bored.
If a firm can double inputs and, thereby, more than double output over the range of output the market demands, it is a. The tendency for the poorest risks to buy health insurance and the tendency of the insured to take more risks with their health ar..
Use the Baumol-Tobin model to find money demand under the following assumptions. Income is $5000 per month (which can be broken down into 2500 in real income and a price level of 2) paid at the beginning of each month in the form of interest-earning ..
Determine the point price and income elasticities for household furniture
Production elasticity:
Should companies have a big role in improving the world? Do you think the pharmaceutical businesses have a social responsibility to make drugs that will combat diseases that are a result of poor living conditions, even though profits will be limited?..
Several organizations and individuals – usually advocates of a balanced budget – maintain National Debt Clock. Is national debt a worry for the economy? Economists do not agree on the answer to this question. How did the 1974 Congressional Budget Act..
Discuss the long range effects of a stimulus plan as it affects the banking sector.
q1. alexs furniture mart produces and sells tables in a perfectly competitive market. when alexs furniture mart
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