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Suppose a ?rm’s produces computers and its associated costs are only function of the numbers of computers its produces. The cost function is given by C(y) = y3−8y2+32y
(a) Find the long run market price that prevails if this ?rm is operating in a perfectly competitive market.
(b) Derive the shut-down condition for the general case (see your notes), where pro?ts are given by π = py−C(y), and C(y) = Cv(y)+F. An answer with just maths is not enough, tell me the intuition behind the condition
The economic union can be beneficial but it also cost a nation its sovereignty in monetary and fiscal policies. For instance, Greece could not use monetary policies to help boost its economy. Do you think Greece would have been better off not joining..
Based on the possible beneficial externalities from college education dispute for whether or not a case exists for public funding of college education.
Studies have hit on a few products like Coca-cola and how they segment the market, focusing on Coke for youth and Diet Coke for older adults. Pick one other company that markets similar yet different products to various market segments.
Consider a consumer who spends all of her income on two goods. Prove that it is impossible for both goods to be inferior for this individual. (Suppose the assertion is not true. Write algebraically what this means, and derive a contradiction by using..
What is Marginal Utility? Why does it diminish? Explain verbally, and using appropriate math/symbols, the slope of the indifference curve. Write out the equation for and explain the “Consumer Equilibrium Condition” or, as it is sometimes labeled, the..
For what types of employees or positions do you think management by objectives (MBO) should prove particularly effective? Ineffective? Sales of a particular product (in thousands of dollars) for the years 2005 through 2008 have been 48, 64, 67, and ..
Identify four policies the government enacted following the financial crisis. Evaluate what effect these policies would have on the economy from both a short-run and a long-run perspective. Be sure to include: -The distinction between the short-run a..
A steel producer has the production function q=10K^0.75 E^0.25 where q is the quantity of steel, in metric tons, K is the firm's capital stock, and E is the number of labor hours it employs (measured in thousands). a) Assume the firm's current capita..
Suppose that you can schedule a worker for up to 10 hours per day. The total benefit and total cost functions are B(H) = 1200 × √H and C(H) = 200H. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 600/√H and MC(H) = 200. ..
A professor of engineering economics owns an older car. In the past 12 months, he bought two new tires for $160, and installed a CD player for $110. He wants to keep the car for 2 more years because he invested money 3 years ago in a 5 year certifica..
The desire to maximize profits can work against racial and other types of discrimination. To see this, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month.
Clearvoice is a wireless telephone monopolist in a rural area that serves 100 high-demand consumers, each of which has the following monthly demand curve for minutes of wireless service QHd = 100 − 100P, Which of the following per minute prices in th..
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