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An economist estimated that the cost function of a single-product firm is: C(Q) = 50 + 25Q + 30Q2 + 5Q3. Based on this information, determine the following:
a. The fixed cost of producing 10 units of output. $ ____________
b. The variable cost of producing 10 units of output. $ __________
c. The total cost of producing 10 units of output. $ ________
d. The average fixed cost of producing 10 units of output. $ _____________
e. The average variable cost of producing 10 units of output. $ ___________
f. The average total cost of producing 10 units of output. $ ___________
g. The marginal cost when Q = 10. _________
Assume the operations manager at the company you own prefers to put in low effort rather than high effort. In order the manager to exert high effort, his expected financial gain must be at least $60,000 higher than if he puts in low effort. Discuss t..
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Suppose that the citizens of Hungary can purchase all the oil they desire at the going international price. If the Hungarian government levies a tax on oil, who bears the burden? Illustrate your answer wit h a supply and demand diagram.
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Suppose that the quantity demanded for Windows 7 system is given by Q = 320 − 2P, where P is the price of the Windows 7. Let us assume that the total cost of producing Q units of Windows 7 is given by C(Q) = 500 + 0.5Q2. What is the price that Micros..
If actual inflation exceeds anticipated inflation, who will lose purchasing power, and who will gain? How does unanticipated inflation harm the country? As part of your answer, include how you and your employer would both be affected.
Listing different orderings and coalitions is not going to work for this problem because there are too many possibilities, excluding you can use different tools which we have discussed in class.
If aliens come and take a large percentage of our cows what happens in the market for synthetic leather baseball gloves? (Assume a normal competitive market)(Show the graph, label all relevant points, and explain what happens to price and quantity. E..
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