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Nokia sells a new budget cell phone. Based on information provided by the accounting department, the average variable cost is: AVC = $30 + Q The average fixed cost is: AFC = $9,000,000/Q where Q is the number of phones. The phone sells for $50. Show your work/thought process:
a. Find the total cost, average cost, and marginal cost equations.
b. At what level of output is average total cost minimized?
A textile firm in Argentina proposes you an investment for a period of 5 years. The initial investment is 100,000, the expenses for the first year are $10,000 (then-current) and will increase (due to usage of equipment) at rate of 10% per year. calc..
Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market..
Wages are specified as dollars per hour of work and L represents number of workers per day. Determine total demand for plumbers in New York.
Why do firms from each of the following categories become multinational? Identify the competitive advantages that a firm in each category must have to be a successful multinational. Which of the following can occur as a result of advertising in a mon..
The market for lemonade in a town consists of two lemonade stands (i.e., firms), 1 and 2. An agricultural economist estimates the following market demand for lemonade in this town: Q = 250 - P, where Q is the market quantity and P is the market price..
The economy depends on Consumption for short term economic activity and Financial Investments for future economic growth. Frictional unemployment is sometime caused by negative Friction between the now unemployed worker and her boss. Cyclical Unemplo..
Illustrate what happen if her actual disposable income is $16,000, her level of consumption or saving will be.
BUS 114 - Economics - What alternative strategies could Fonterra and Murray Goulburn undertake in regards to pricing? Show evidence of your research and understanding of Economic Theory
A monopolististically competitive firm:
There are two types of drivers on the road today: Speed Racers have a 5% chance of causing an accident per year, and Low Riders have a 1% chance of causing an accident per year. Suppose an insurance company knows with certainty each driver’s type. Wh..
In the short run if the output growth is just 2% for two years and the equation determining the real interest rate changes to: r=4.5-%?Y, what money growth rate should the Fed aim for to hit its inflation target in that period?
The market wage rates for left-and right-handed workers are $10 and $15 per worker, respectively. The value of the marginal product of labor is 20 – 0.5L, where L is the total number of workers (it doesn’t matter if they’re left or right-handed). Wha..
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