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1. What is the purpose of setting the first derivative equal to zero in the optimization process?
2. Suppose you are optimizing a function with the highest power of 3, describe how you would determine whether a max, min, or inflection point. Provide an example.
3. Suppose the price and quantity equilibrium is below the price and quantity which maximizes total revenue, what strategy would you use for the firm. Assume that the demand curve is downward sloping.
4. Suppose the firm is operating in the inelastic portion of its demand curve, what strategy would you use to increase the firm's total revenue.
5. Interpret the results of the Jarque-Bera Statistic for a series' descriptive statistic is 0.5140?
1. you are the manager of a racquet club as well as you want to determine the best cost for local rentals. assume that
Given the information below, calculate the break-even point. is this a good estimate of when your company will become profitable? A. labor rate 10.00/hr. B. Avg. # of yards mowed 1/hr. C. Fuel used 1.5 gallon/yd. D. Fuel cost 4/21/16 2.01/gallon E. E..
The utility is given byu(x, y) = xy + y. What are the demand functions for x and y. Describe how demand curves for x and y are shifted by changes in I or the price of the other good.
To what extent to do you agree/disagree with the actions of the central banks during this time?
Suppose that the government imposed a $1 tax each time someone used an ATM.
Which of Porter's five forces is related to the firm's ability to negotiate good deals on the goods that it buys from other firms?
There are five flights daily from Pittsburgh via US Airways into the Bradford, Pennsylvania, Regional Airport. Suppose the probability that any flight arrives late is 0.20, the probability that none of the flights are late today is [a]. (Note: keep t..
In an effort to reduce their total costs many companies are now replacing paychecks with payroll cards
Discuss the characteristics of law that are consistent with: A. Mill’s Principle and Libertarianism B. Paternalism C. Libertarian Paternalism D. Asymmetric Paternalism
Monopolists benefit from barriers to entry because it affords them the opportunity to set prices above marginal costs and thereby continually enjoy economic profits. Barriers to entry include economies of scale, ownership of a key resource and inelas..
An increase in the general price level will lead to:
If inventory levels across the nation are unexpectedly low, what would you expect to see happen to unemployment and inflation? Economists have identified two sources of macroeconomic expectations, what are they?
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