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Cost Curves
Suppose a firm has a total cost function
TC = 2/3Q3 -Q2 + 30Q
(a) Derive the mathematical expressions for the MC;ATC; and AV C:
(b) Determine the level of output where the average cost function reaches a minimum (the firmís capacity).
(c) Evaluate the marginal cost and average cost at the output level determined in part b
(d) Does the marginal cost slope upward at every point?
can country A change the outcome of the game by burning the bridge they are crossing to invade and committing its troops to fight? expand the game tree to show this option for county A and find the new Nash equilibrium. Explain
Ageless Corporation has a patent for a new promising age defying moisturizer cream. The yearly demand, marginal revenue, and marginal cost functions for this cream is given:
Assignment on Supply, Demand & Taxes, Supply, Demand, and Taxes, The market for tennis shoes exhibits the following supply and demand schedules:
Owners of Sizzling Foods can earn a 14% rate of return on that land it they leased it others as a parking lot and while the last nurse hired treated 1,000 extra patients in a year. If doctors make $40,000 a year, what do nurses make?
Does the heavy crude have lower or higher value from the base crude and if this is the global marginal refiner, what is the crude price differential between these two crudes?
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
Now suppose that a scientific study find that tap water is toxic, and everyone should drink only bottled water. Illustrate the impact of this study on the market and each firm. Use graphs to illustrate your answer.
Assume that the monopoly faces the inverse market demand function: What should be the monopoly's profit-maximizing output?
This price reduction would also increase sales to 220,000 units during the relevant years. a) Make the decision tree. b) What is the optimal strategy for the monopolist?
In the chapter we mention how prices can vary in a tourist trap. Which market, St. Louis or Chicago, was more likely to behave like a tourist trap? Explain.
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
First ignore the implicit constraints: 8 i; xi 0 and give the FOCs. Then take them into account and give the Kuhn-Tucker Conditions. Simplify your expressions as far as you can.
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