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Teresa and Sam need to decide which one will take of work to dig holes. Teresa is faster and can do it in 30 min but Sam is slower and will take 3 hours. Teresa ears $ 80 an hour as a doctor and Sam makes $ 10 an hour as a sales clerk. Keeping in mind that one must take off work to complete the task who has the lowest oppurtunity cost of completing the task.'
a. Sam
b. Both have the same identical cost
c. Teresa
Compute their TR, MR, ATC, MC and profit/loss schedules and find out the equilibrium price, equilibrium output, unit profit, and total profit at the equilibrium point for these ingenious entrepreneurs.
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
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Suppose that the market for corn is characterized by many small farmers/firms who have no impact on the final price of corn. The market demand for corn has been estimated to be
How did the market structure in which the firm competes affect the firm’s decision-making? If the market structure was not a factor, how do you believe it should have been incorporated into the strategic decision-making process?
1. a. describe the four market types by writing a separate paragraph for each. in your response for each market type be
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