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Suppose that a perfectly competitive firms’ Total Cost function is given by: SRTC(q) = 50 + 80q –10q2 + .6q3 a. What is fixed cost equal to? What is Variable Cost equal to? b. What is Marginal Cost equal to? What is Average Variable Cost equal to? c. Find an equation for the inverse supply curve of the firm. Hint: the supply curve presumes profit maximizing outputs at any market price. d. Below which market price (a number) will this firm choose to produce 0 output? e. Choose a market price that is between Average Cost and Average Variable Cost. Will the firm choose to produce a positive output level? Depict this output level in a graph that includes all the appropriate curves. Explain verbally (and with numbers) why this firm would choose to produce the output you chose. f. What does it mean by a firm to be a price taker? What is the implication of this for the individual firms’ demand curve? You must also mention in your answer the term elasticity (correctly of course). g. If the firm’s cost curve shifted down, what would this do to the firm’s supply curve? Justify your answer with an example using the short run total cost curve above.
K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). Illustrate what is the average product of labor.
In the early 1990s, Argentina stopped increasing the money supply and fixed the exchange rate of the Argentine austral at 10,000 to the dollar. It then renamed the Argentine currency the "peso" and cut off four zeros so that one peso equaled one doll..
I was watching a documentary about a scientist fishing for giant stingray in Thailand. They ran into a fisherman on the river late at night. The fisherman said he was fishing for giant river shrimp (the things were the size of lobsters). The scientis..
EC333, Spring 2016, What is the function for average total cost for firm 1? What is the function for average variable cost? Suppose firm 2 picks a quantity of Q2=20. If firm 1 picks a quantity of Q1=33, is firm 1 pricing above or below marginal cost
Create a diagram or flowchart detailing the complete service delivery process. Defend the flowchart or diagram. Clearly identify each contact point (e.g., frontline employee, supervisor, delivery, etc.) before, during, and after the purchase.
People may appear to use rules of? thumb, as suggested by the assumption of bounded? rationality, even though they may really be behaving in a manner suggested by the rationality assumption if .....
Illustrate what would be the effect of poor weather on the consumer surplus, producer surplus, deadweight loss.
What happens to the demand curve for labor of a clinic if each of the following occurs: Wages increase in hospitals (no effect, outward, inward). The clinic purchases equipment that increases workers productivity [ Select ]Inward, Outward, No effectc..
Florence is considering going into business for herself and has developed the following estimates of monthly costs and revenues to aid her in her decision making process. She has decided to house the business in a building that she already owns, alth..
Suppose the own price elasticity of market demand for retail gasoline is -0.6, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,800,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Suppose El Centro California decides to tackle the problem of nitrates in the water. Nitrates are compounds derived from synthetic fertilizers that are not assimilated by plants and leached out into the underground water and affect the human health. ..
Suppose you are the manager of a California winery. How would you expect the following events to affect the market equilibrium price (up or down) you receive for a bottle of wine? Please state the shift (leftward or rightward) of demand or supply. a...
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