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Short run profit maximization A monopolistically competitive firm faces the following demand and cost structure in the short run:Output Price FC VC TC TR Profit/loss0 $100 $100 $0 ___ ___ ___/___1 90 ___ 50 ___ ___ ___/___2 80 ___ 90 ___ ___ ___/___3 70 ___ 150 ___ ___ ___/___4 60 ___ 230 ___ ___ ___/___5 50 ___ 330 ___ ___ ___/___6 40 ___ 450 ___ ___ ___/___7 30 ___ 590 ___ ___ ___/___
a. complete the tableb. What is the highest profit or lowest loss availability to this firm?c. Should this firm operate or shut down in the short run? Why?d. What is the relationship between marginal revenue and marginal cost as the firm increases output?
Graph the budget line and add the indifference curve for the following situation and also graph the demand curve based on the given information
When the price of a commodity falls by Rs.2 per unit,its quantity demanded increases by 10 units. Its price elasticity of demand is (-)1. Calculate its quantity demanded at the price before change which was Rs.10 per unit. You may change Rupee[In..
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
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Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Write down a paragraph explaining how the Hernandez Corp. finds the least cost combination of inputs for producing the given rate of output.
If the product price is $4 per unit and the price of the factor of production is $80 per unit, the profit-maximizing quantity of the factor is____ unit(s).
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Write down the Lagrangean function associated with this problem and derive the first-order conditions for this problem.
At present, U.S. railroads own about 595,000 railcars and lease an additional 717,000. The demand for rail freight services has increased markedly in recent years as the booming ethanol industry has sought rail transport of raw ingredients, by-produc..
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
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