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A profit-maximizing firm is producing where MR=MC and has an average total cost of $4, but it gets a price of $3 for each good it sells. b) What would you advise the firm to do if you knew the average variable costs where $3.50?
A monopoly is considering selling several units of a homogenous product as a single package. A typical consumer's demand for the product is Q^d = 50 - 0.25P, and the marginal cost of production is $120. Determine the optimal number of units to put ..
Now suppose the firm has a chance to buy an unlimited number of engines from another company at a price of $1400 per engine. Will this option affect the number of cycles it plans to produce Its price Will the firm continue to produce engine itself
Suppose the demand for a firm's product is estimated to be P = 200 - 2Q from which it can be shown that TR = PQ = 200Q - 2Q2 . The cost of producing and selling the product is known to be TC = 625 + 50Q + 3Q2 .
The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group: Price (P)...Quantity (Q) 50........... 100 35.......... 180 20............300 10............500
1. what is the GDP 2. what is the net domestic product 3. what is the national income 4. if real GDP in a particular year is $80 billion and nominal GDP is $240billion , what is the GDP price index for that year
in the spring 2008, Senators John McCain and Hillary Clinton proposed a temporary elimination of the federal gasoline tax, effective only during summer of 2008, in order to help consumers deal with high gasoline price. what does this fact suggest ..
Pam has chosen her best affordable combination of cookies and comic books. She spends all of her income on 30 cookies at $1 each and 5 comic books at $2 each. The price of a cookie falls to 50 cents and the price of a comic book rises to $5.
My brother has a house worth $400,000 and he has no mortgage as it is paid off! His utility bills and insurance and maintenance cost him about %500 per month and property taxes another $500 per month. He claims it only costs him about $1000 a mont..
The Following table shows the regression coefficient (B) and the t-statistics (T) for the variables influencing business traveler demand for hotel rooms (including hotel prices and attributes) from the study Business Traveler Demand for Hotel Rooms
To dig a hole, it takes one person (P) and one shovel (S). The total number of holes dug is given by the production function h=f(P,S)=min(P,S). If you currently have 2 persons and 4 shovels, what is the marginal product of persons
If the PAE=950+0.8Y, thus leading to a recessionary gap of 50, relative to potential output of 4800. Suppose that in this economy, the natural rate of unemployment is 5%. What will the actual rate of unemployment be after the rescessionary gap app..
If my income increases by 10%, then quantity of public transportation demanded drops by 5%. I can say that income elasticity of my demand for public transportation is negative and that public transportation is a normal good.
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