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A firm faces a price equation P = 12.5 + .5A.5 - .25Q and a cost equation C = 5Q + A, where Q denotes its output and A denotes its level of adver- tising expenditure.
a. Create a spreadsheet to describe the firm's profit as it varies with output and advertising. Set advertising spending at 50 and find the firm's optimal level of output.
b. Use your spreadsheet's optimizer to find the firm's optimal output and level of advertising spending.
What is the difference between fixed costs in the short-run and fixed costs in the long-run - What is the difference between fixed costs in the short-run and fixed costs in the long-run?
in march 2002 american airlines implicitly increased the price for low-priced business tickets. competitors did not
Compute the value of the marginal propensity to save. Compute the amount of autonomous planned spending, Ap, given that the interest rate equals 5. Compute the equilibrium level of income, given that the interest rate equals 5.
1 . Based on the game, how did the simulation show the use of monetary policy to control both unemployment and inflation? How do Federal Funds Rate affect unemployment and inflation based on your experience with the game?
An increase in each of the following factors would normally provide a subsequent increase in demand, except: A price elasticity (ED) of -1.50 indicates that for a _________ increase in price, quantity demanded will __________ by ____________. Which o..
You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free.
Draw Aggregate Demand, Short Run Aggregate Supply, Long Run Aggregate Supply diagram, starting at the long run equilibrium. Show on the diagram what happens to a given economy when the government lowers income taxes for all citizens. Show on the diag..
choose one of the following and determine whether there is correct usage of the terms demand quantity demanded supply
A firm uses only labor and capital to produce output
The Lubbock Board of city Development has decided to ask the city council to construct a tunnel under the snow capped mountain range east of downtown Lubbock so that out of town visitors can reach historic prairie dog town without becoming lost and e..
Suppose that people derive utility from two goods---housing (H) and all other consumption goods(C).a. Show a typical consumer's allocation of his or her income between H and C
Can you draw well-functioning preferences (i.e., they follow our assumptions about preferences) such that X is a normal good and Y is a substitute for X and draw the demand curve and indicate the portions that are elastic, inelastic, and unitary el..
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