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Suppose that a perfectly competitive firm faces a market price $10 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,200 units. If the firm produces 1,200 units, its average variable costs equal $6.50 per unit, and its average fixed costs equal 0.50 cents per unit.
1) What is the firm's profit-maximizing (or loss minimizing) output (Q) level?
2) What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
The monopolist's demand function is P = $405 - $5Q, its average cost function is AVC = $20+$0.5Q, and its fixed costs are $6,000 per hour. Calculate the monopolist's profit maximization output, price and its hourly profit.
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A man buys a corporate bond from a bond brokerage house for $925. The bond has a face value of $1000 and pays 4% of its face value each year. If the bond will be paid off at the end of 10 years, what rate return will the man receive
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Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function.
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