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Demand, Supply, Cost, Average Cost and Marginal Cost
The market demand function of a firm is given by 8P + Q - 64 = 0, and the firm's average cost function takes the form AC = 8/Q + 6 - 0.4Q + 0.08Q2.
i)Determine the price and quantity for maximum sales revenue and calculate the maximum revenue.
ii)Determine the price and quantity for minimum marginal costs and calculate the minimum marginal cost.
iii)Determine the price and quantity for maximum profit and calculate the maximum profit.
Illustrate what were the percentage changes in nominal GDP and real GDP for the most recent quarter? What accounts for the difference.
Illustrate what might be some practical problems or issues the country might face with this proposed plan.
Estimate total revenue function and the marginal revenue function with just this information.
Suppose that the town of Grayrock had a population of 10,000 in 1998 and a population of 12, 000 in 2003.
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
Explain why is the depreciation of capital good a cost of society
Illustrate what assumptions is the theory based, and how plausible are these assumptions.
Explain how could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this.
Explain the nation will move toward an international monetary system or fixed exchange rates in the future.
Elucidate whether you would draw an aggregate demand or aggregate supply diagram and predict what shift each situation would cause.
Assume the economy is slumping into recession and needs a fiscal policy boost.
Illustrate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
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