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A firm in a purely competitive industry is currently producing 1000 units per day at a total cost of $450. If the firm produced 800 units per day, its total cost would be $300, and if it produced 500 units per day, its total cost would be $275. What are the firm's ATC per unit at these three levels of production? If every firm in this industry has the same cost structure, is the industry in long-run competitive equilibrium? From what you know about these firms' cost structures, what is the highest possible price per unit that could exist as the market price in long-run equilibrium? If that price ends up being the market price and if the normal rate of profit is 10 percent, then how big will each firm's accounting profit per unit be?
For 6 months a year, the Laffer store experiences a lot of demand, so during this period it hires 40 workers. It pays each of them $100 per day. For the rest of the year, the store experiences much less demand, so it hires only 20 workers
What is the equivalent present value of the following series of payments: $7000 the first year, $6500 the second year, $6000 the third year, $5500 the fourth year, and $5000 the fifth year The interest rate is 10%, compounded annually.
What is the short-run marginal cost curve b) What is the equation for average variable cost c) What is the minimum level of average variable cost d) What is the firm's short-run supply curve
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
Suppose a monopolist faces the following demand curve: P=596-6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maximizing level of output What price will the profit maximizin..
Suppose the demand curve for a monopolist is QD = 500- P, and the marginal revenue function is MR = 500 - 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. A. Find the monopolist's profit - maximizing output and pri..
After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $90,000 worth her art each year. She fo..
the company's variable cost for siding are: Output in of houses 2 at VC $26,000,3 housesat $32,000, 4 at $36,000, 5 at $42,000, 6 at $50,000, 7 at $60,000, 8 at $72,000, 9 at $86,000 and 10 house at VC $102,000.
A labor economist estimates a regression of log earnings on schooling, experience, ability, as measured through, and interactions in schooling and experience,
Although it is impossible to make a pile of money worth exactly $3, it is still possible to buy something that costs $3. You can give two $7 bills to the cashier and receive one $11 bill as change. There are two different ways to make $120.
Suppose this the demand for water balloons fit the function D(P, Ps)=.2P^(-.5)Ps^(-.2) where P is the price of water balloons and Ps is the price of super soakers (an advanced squirt gun technology). Based upon this demand curve, are super soakers..
Karla wants to grow spinach. 1 pound of Fertilizer(F) produces 20 spinach or 1 pound of Manure(M) produces 30 spinach. They are perfect substitutes. So we know Q=20F+30M Now Karla wants to produce 300 spinach at the least possible cost.
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