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Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
A) Maintain production at the current level.
B) Look for ways to increase fixed costs.
C) Decrease production.
D) Increase production.
The efficient market hypothesis states that:
Consider the marginal cost for a product like Microsoft Windows 8. How does the marginal cost for a product like this differ from a product like automobiles? What relevance might there be to this difference?
Suppose that the U.S. the demand for phones is given by P=700-Q that the supply is given by P=200+Q. In Korea suppose the demand is given by P=600-Q and supply is given by P=50 + (Q/2). Please regard phones as a homogenous product. Prices are all in ..
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500. What is th..
Illustrate what is elasticity of demand at profit maximizing level of output. Without use of any calculations, determine wherefirm=s total revenue would increase, decrease, or stay same if CRAPCO attempted to increase its price by .2%. Explain how..
q1. find the equilibrium price and quantity after the shift of the supply curve.q2. a machine used to cereal boxes
Why does rent control create an inefficient allocation of resources?
The demand for a good is P=200-5Q. The supply is P=50+10Q. What is the equilibrium price and quantity? (Make sure you show all your work)
q.bethlehem as well as youngstown two major steel producers accounted for about 21 percent of the national steel market
The manager of a canned food processing plant is trying to decide between two labelingmachines. Determine which should be selected on the basis of rate of return with a MARR of 20%per year.
Indicate what the short-run price elasticity of demand for tires is 0.9. If a tire store raise the price of a tire from $50 to $60, by the price elasticity of demand.
A retail outlet is being designed in a strip mall in Nebraska. For this outlet, the installed fiberglass insulation to protect against heat loss in the winter and heat gain in the summer will cost an estimated $90,000.
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