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You are the manager of a business in a competitive market and your production technology is described by the total cost function (q) = 150 + 5q +(1/10)q2 In addition, assume the market price is p = 15 dollars.a) Determine the optimal quantity to produce and compute the profit of your business.b) Assume you have the opportunity to make an investment which would improve your production technology and would result in the new total cost function given by C(q) = 150 + 5q +(1/20)q2i) Determine the optimal quantity to produce with the new technology and compute the profit of your business.ii) Assume the business will operate for only one period, either with the old or the new technology. If the cost of the investment to improveyour technology is 300 dollars, should you make the investment?
Presume a person has $80 to spend only on two products: x and y. X cost $4 each, and Y cost $1 each. This person has preferences for X and Y given by What is the utility-maximization bundle of this person?
pert networks use a simple statisticical method to determine the most likely task completion time. describe how
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
1. the relationship between variable x and variable y can be stated as y 5 2x. a graph of this relationship has a
Advertising can inform buyers, but sellers must incur costs to advertise. If so, advertising can result in higher prices to consumers. Does this mean advertising is economically inefficient If so explain how it can simultaneously create value and ..
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Identify who has the absolute advantage in painting rooms? Who has the absolute advantage in installing windows? Briefly explain how you derived your answer.
A consumer receives income y in the current period, income y in the future period, and pays taxes t and t' in the current and future periods, respectively. The consumer can lend at real interest rate r. the consumer is given two options. First, he or..
in light of the economic struggles that many states are facing today every area of the criminal justice system is
A firm that sells e-books – books in digital form downloadable from the Internet – sells all e-books relating to do-it-yourself topics home plumbing, gardening, and so on at the same price.
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