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Alejandro's lawn mowing service is a profit maximizing competitive firm. Alejandro mows lawns for $27 each. His total cost each day y $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about alejandro's short run decision regarding shut down and his long run decision regarding exit?
Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.Price of crackers Quantity Demanded (per month)$3 80 $2.5 120
Suppose the daily demand for coffee in Seattle is Q^d=100,000(3-P)^2 A. What is the elasticity of demand (Ed) at a price of $2.(Please show exactly which equation is needed to find Ed here) B. At what price would the total expenditure on coffee be la..
The market for tortillas is perfectly competitive, with market demand for packages of tortillas given by P=1 .-00002Q, with price in dollars per package and Q in thousands of packages. The short-run marginal cost curve for a typical tortilla facto..
The poverty rate would be substantially lower if the market value of in-kind transfers were added family income. The largest in-kind transfer is Medicaid, the government health program for the poor. Let's say the program costs $7,000 per recipient..
How much is added to the firm's total revenue if the firm hires the 4th worker What is the economic term for this number If the market equilibrium wage rate is $8, how many workers will the firm choose to employ Hint: what is the marginal revenue p..
Over the past 6 months Heads-Up Hair Care, Inc., has normally had sales of 500 bottles of A-6 Hair Conditioner per week. On the weeks when Heads-Up ran sales on its B-8 Hair Conditioner, cutting the price of B-8 from $10 to $8
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
Based on the market research, a recording company obtains the following information about the demand and production costs of its new CD: Price= 1,000-10Q Total Revenue=1,000Q-10Q squared Marginal revenue= 1,000-20Q Marginal Cost= 100+10Q
Find the breakeven point for the PRODUCTION RUN Find the breakeven point for the WEEK What is the total profit or loss for the company if it runs at 50% capacity for the 10 weeks, with a total capacity of 1000 widgets/week
Barry, a Texas Crude Company engineer who did not take Engineering Economy while studying at Tech, recommended that Texas Crude purchase a special tool to reduce the cost of pumping oil out of the bayous of St. Martin Parish. As a result of Barry'..
A local bank offers a customer a 2-year car loan of $10,000 as follows: Money to pay for car : $10,000 Two years' interest at 7% : 2 x 0.07 x 10,000 : $1400 (11,400 total) 24 monthly payments : 11400 / 24 = $475.00
Solve the following linear programming model graphically. In addition, write the problem in standard form and do a constraint analysis for the optimal solution. Minimize 10x + 15y Subject to 5x + 2y ? 40 x + 2y 0
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