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Suppose the daily demand function for pizza in Berkeley is Q = 1,525 – 5P. The variable cost of making Q pizzas per day is C(Q) = 3Q + 0.01Q2 , there is a $100 fixed cost (which is avoidable in the long run), and the marginal cost is MC = 3 + 0.02Q. There is free entry in the long run. What is the long-run market equilibrium in this market? [HINT: Again, the trick is to find the minAC(Q), as you did in Q.1.]
Suppose that you are the owner and operator of a perfectly competitive firm with the following total cost function.
The Wilson Company's marketing manager has determined that the price elasticity of demand for its products equals.
Assume that the company's is considering a merger. The possible merger currently faces some threats and that the industry decides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new sc..
Your lectures in the first half of our course presented the 21st-century medical technologies that now drive healthcare (and drive healthcare costs) in America. Describe at least three examples of these technologies.
You are the manager of a firm which produces also markets generic type of soft drink in a competitive market.
Discuss the importance of a well-developed compensation plan in attracting as well as retaining good employees as well as how to keep those plans from "working too well."
Define absolute and comparative advantage in your own words. Elucidate how absolute and comparative advantages were used in your simulation.
How events would leave the equilibrium price of textbooks at the same level observed before the supply shift.
A manufacturing firm has received a contract to assemble 1000 units of test equipment in the next year. The firm must decide how to organize its assembly operation. Skilled workers, at $33 per hour each, can individually assemble the test equipment i..
illustrate what is the new equilibrium price and quantity. Compute the equilibrium price and quantity in this market.
Capital, K, has a price of $16 perunit and labor, L, has a price of $8 per-unit. In the short-run capital is fixed at 8 units. Find the choice for labor necessary to produce 40 units of output at minimum cost.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit?
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