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A Firm has total cost function given by the following:
TC = 10000 + 7*Q - 100*Q2 + 2*Q3
Its marginal cost function is given by:
MC = 7 - 200*Q + 6*Q2.
a) Write down the following cost functions:
i. Total Fixed Cost (TFC)ii. Total Variable Cost (TVC)iii. Average Total Cost (ATC)iv. Average Fixed Cost (AFC)v. Average Variable Cost (AVC)
b) What is the Total fixed cost when Q = 100? And the Average fixed Cost when Q=100?
Use demand and supply analysis to illustrate the changes in chicken prices described in the article. Describe what has happened in the corn and soybean-meal markets and how that has influenced the chicken market.
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
Compute the marginal product of labor when 9 units of labor are utilized. Assume the firm can hire labor at a wage of $10/hr and output can be sold at a price of $100 per unit. Determine the profit maximizing levels of labor and output.
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..
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How much total utility does the consumer receive
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
Show the country's production possibility curve.
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
How would government react to sudden, large changes in the price of a key commodity, such as gasoline, electricity, or prices on stocks on the New York Stock Exchange?
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