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A small business which produces plastic vacuum-suction covers for round household dishes has a monopoly that is protected by a utility patent. the market demand curve for this product is estimated to be Q=6009-25P where Q is the number of plate covers per year and P is in dollars. Cost estimation processes have determined that the firm's cost function is represented by TC=120+2500Q-0.25*Q(2).
a. What is the profit-maximizing price and output level. Solve this algebraically for equilibrium P and Q and alos plat the MC, D and MR curves.
b. What profit do you expect that the firm will make in the first year?
c. Do you expect this profit level to continue in subsequent years. Why or why not?
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To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
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Simple linear regression predicting the change in performance (in seconds taken to run a race) for 800m runners by the average hours of training undertaken per week during the pre-season.
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