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QopyQat specializes in printing business cards and resumes, using the latest laser technology. After analysis of the business, the manager has decided that weekly demand can be approximated
by Q = 25,000 - 100*P
The firm's cost function is
C = 25,000 + 13Q + .002 *Q2 ( Q square), where Q is output per week.
a) Determine the firm's optimal output and priceb) The night supervisor believes that keeping QopyQat open longer , for two more hours in the evening would substantially increase volume. The manager is willing to stay open for two hours over the next three months as an experiment. What results would lead you to recommend that the store remain open later in the evening on a permanent basis?c) A former employee decides to sue QopyQat, alleging employment discrimination. Although management claims innocence, they agree to settle out of court. The settlement requires QopyQat to pay the employee $10,000 per month for the next year. Determine the optimal price and output for the shop under these new conditions.
Assume oil is an exhaustible resource supplied competitively by many small suppliers. The interest rate is 5% per year. Assume the price in the year 2011 is $40 per barrel, extraction costs are $10 per barrel, constant over time in nominal terms.
P = 800 - 0.16 If the goal of the transit authority was to maximize total revenues, what is the new price it should set Also, what would the total revenue raised in this new price scheme
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Hook, Inc., is an international manufacturer of bulk antibiotics for the animal feed market. Dr. Mike Jones, head of marketing and research, seeks your advice on an appropriate pricing strategy for Pharmed Caplets, an antibiotic for sale to the ve..
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At its current short-run level of production, a firm's average variable costs equal $20, and its average fixed costs equal $70. Its total costs at its current production level equal $200,000. a. What is the firm's current output level
Define inflation. Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2007, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per ..
A golf course operator must decide the green fees (prices) to set on rounds of golf. Daily demand during the week is Pd=36-Qd/10, where Qd is the number of 18-hole rounds and Pd is the price per round.
What is the Marginal cost of one more passenger on a 1,200 mile flight if there are between 250-300 passengers. If the number of passengers is 300 and the flight is between 1,200 and 2,500 miles, what is the marginal cost of flying an additional mi..
A small company expects to produce 8,000 items in the upcoming year. The current material cost is $5.25 each. 14 minutes of direct labor are required per unit. Workers are paid $7.50 per hour. 2,133 direct labor hours are forecasted for the produc..
One of your professors has made you an offer you can't refuse. You are getting a four year research assistantship to earn your PhD after you receive your BS degree. The assistantship will pay you $2,600 per month starting in June, immediately afte..
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