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1. The production function to build a playground swing is:
Q = 15 + 8L - 0.6L2
Where:
Q is the total number of swings built in an hour
L is the labor of one worker
If it costs $10 per hour for a laborer and each swing is sold for $20 and there are no material costs, how many laborers should you hire?
How many swings will the company produce per hour at optimal labor input?
What is the company's hourly profit at optimal labor input?
2. Given the following Total Cost curve:
TC = 200 + 50Q + 2Q2
What is the Marginal Cost?
What is the Average Cost?
What is the optimal production level where production costs are the lowest per unit?
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
Make a table showing the marginal cost of paper cup productions. What is the minimum price necessary for company to supply one thousand cups?
What would be the equilibrium quantity and equilibrium price? Assume the Government imposes a $5 per unit tax on the seller, which equation would be affected and how?
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
Assume an airline flying on the New York - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travelers.
What does the market for sugary sodas look like? Provide a supply-demand graph with realistic prices.
Research the economic costs involved in the conducting break-even analysis for good or service of your choice. Assess the factors involved in conducting the break-even analysis. Find out the conditions which might exist for the manager of this goo..
Industry structure is often measured through calculating the Four-Firm Concentration Ratio. Assume you've an industry with 20 firms and the CR is 30%. How would you describe this industry?
Although Ken Brown (discussed in problem 3-16) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial success. Bob is vice president of finance.
Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply.
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
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