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A perfectly competitive firm sells two goods. A price for the first good is £54. A price for the second good is £22. The total cost for a firm is given by the expression:
TC (Q1, Q2) = 3Q1^2 + 2Q1Q2 + (½) Q2^2 + 6Q1
a) Find the maximum profit and the optimal values of Q1 and Q2.
b) If the firm can not produce in total more than 14 units, then what would be the maximum profit and the optimal values of Q1 and Q2? Find an answer using the Lagrange multiplier. Find a value of the Lagrange multiplier. What economic interpretation has the Lagrange multiplier in this context?
If you used the uncompensated demand curve to calculate the change in consumer surplus, would your calculation be too high or too low?I. Provide a graph showing the initial outcome, the outcome after price change, the income effect, the substituti..
Suppose income declines by 2.85%, how much do I have to cut value in order to maintain existing customers and it begins with being given a regression analysis that has the following:
Fancy Gadgets, Inc. has developed a new Thing-A-May-Jig at a cost of $2,000,000. Projected profits from the sale of Thing-A-May-Jigs for the next five years are: $300,000, $400,000, $500,000, $600,000, and $250,000. At the end of the fifth year, t..
of this sales revenue he must pay the manufacturer a wholesale cost of $620,000 he also pays wages and utiilty bills totaling $210,000 if he doe not operate this piano business he can work in an accounting firm and recieve an annual salery of $45,..
Assume that the John Smith, the manager of marketing division of Chevrolet at GM, estimated the given regression equation for Chevrolet automobiles:
The intensive development effort needed to expedite the introduction can be very expensive. Revenues and costs associated with the new product
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In a local market, the monthly price of internet access service decreases from $30 to $20, and the total quantity of monthly accounts across all internet access providers increases from 90,000 to 190,000.
The company's income statement indicates current profits of $15,000, which have yet to be paid out as dividends. Assuming the company will remain a "going concern" indefinitely and that the interest rate will remain constant at 6 percent,
Determine the Herfindahl index for an industry composed of three companies one with 70% of the market, and the other two with 20 and 10 percent of the market respectively one company with 50% share
This year 200 workers will lose their jobs, 170 workers will return to the labor force after an absence 1100 workers will voluntaryly leave their jobs, and 50 new workers will enter the labor force. At the same time 726 workers will find jobs, and ..
A person buys a $1,000 face value bond 2 years after its issue. He intends to keep it until its maturity date, which is 18 years from now. This bond pays 6% annually. What price can he pay now for the bond so that his investment earns 8%?
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