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Since price-takers cannot charge their own price, they can select a quantity which suits them best. Presumably, they would select the profit-maximizing quantity.
Suppose the typical wheat farmer's cost function is TC = 100,000 + 2Q + 0.005Q2 , Q corresponds to thusands of bushels. The market price of wheat is $8 per bushel.How many bushels will the farmer produce in to maximize profits?
Hint: There are two ways to go about this:(a) Determine Q by MR = MC(b)Maximize Profit = TR - TC = (8Q) - (100,000 + 2Q + 0.005Q2 )
quantity price/dollars total revenue total variable costs dollars total cost dollars 0 22 0 0 50 20 20 16 66 2 19 38 3 18 54 45 95 4 17 68 59 109 5 16 80 75 125 6 15 90 93 143 7 14 98 112 162 8 13 104 140 190 9 12 108 180 230 10 11 110 230 280
Suppose the government imposes a 25-percent tax on accounting profits. This tax is only levied if a firm is earning positive accounting profits. What will your after-tax accounting profit be in the low-revenue case In the high-revenue case.
Suppose that 3 countries who form a cartel agreed to divide the oil market equally. Demand for oil is given by P=50-.1Q where P is the price of oil in dollars per barrel and Q is the Quantity in thousands of barrels per day.
Some have one year of formal training and earn the Refrigeration Mechanic Certificate if they pass the test at the end. Some take a second year of formal training and earn the Refrigeration Mechanic Diploma if they pass the test at the end. Traine..
Assume that securitization combined with borrowing and irrational exuberance in Hyperville have driven up the value of existing financial securities at a geometric rate, specifically from $2 to $4 to $8 to $16 to $32 to $64 over a six-year time pe..
Derive the rm's marginal product of labor curve. Derive the rm's average product of labor curve. If the rm has an output quota of 5,120 widgets, how many laborers must it employ in the short-run to achieve this level of production?
An advisory group decided to investigate this claim, believing it was too large. A sample of 200 traffic accidents this year showed 74 persons were also involved in another accident within the last five years.
As a natural experiment to estimate the effect of education on receivings, a researcher compares schooling and educational attainment of two groups of people.
This answer give vital hints on why the Federal Reserve establish general and specific rates of interest. This explains the recent tools the Federal Reserve has used to influence the United States economy.
Suppose the real GDP of a country increased from 2,000 billion to 2,100 billion in one year. In the same year, population growth rate was 3%. How much was the growth rate of real GDP per capita in that year
Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fou..
Suppose instead that you (the lender) have no information on the type of borrower and you have to charge a single interest rate to all borrowers. Also assume that the probability that you will end up with each type of borrower is equal (e.g. 1/3 ..
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