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The market for internet services is perfectly competitive. Joe’s Internet Services has total cost function TC(q) = 6q2 + 5q + 20 and marginal cost function MC(q) = 12q + 5.
(a) The current price per unit of internet services is $53. Determine the output level that maximizes Joe’s profit in the short run. Determine the resulting profit for Joe’s
(b) The coefficient on the q term in the total cost function depends on a robotics input price. Suppose this input price increases to 7. Draw a single graph depicting the market price (still $53), the initial MC curve (before the increase in the input price) and Joe’s initial profit-maximizing choice; and the new MC curve (after the increase in the input price) and Joe’s new profit-maximizing choice. Be sure to explicitly show the coordinates for intercepts and for any other important points in the graph.
Claire is establishing lines of authority and reporting relationships within the finance department in her company. Which of the following organization-building actions is Claire undertaking:
Explain how does the existence of money reduce the costs of making transactions, relative to a society based entirely on barter.
Jane, like Mary, grows silver bells and cockle shells in her garden, only she doesn’t have any space constraints. She does have a money constraint: she can only spend 500 pence (p) on flowers. Like Mary, Jane has a utility function for silver bells (..
q.the warren amp smith company manufacturers commercial zippers of two kinds kind x and kind y. its production
the shape depends partly on how much time consumers have to adjust a change in prices. Over a short period the demand curve is fairly steep because a few adjustments can be made.
Who's economy are we helping when we send job overseas?" There are so many aspects to this question, not the least of which is that many of the jobs we've sent overseas are low-skilled jobs that American don't want to do or are better done (for vario..
What is happening to the value of the U.S. dollar these days? What causes the value of the U.S. dollar to rise or fall? Who demands U.S. dollar? Who supplies U.S. dollar? When we purchase the German products, our demand for euro is going up or down? ..
What were the strengths and weaknesses of the system of central planning in the Soviet Union? Was the decline of socialism in Eastern Europe the result of purely economic facture? What role was played y politics and culture?
The study of government regulation and the competitive environment for business is relevant to all those who study business. All business candidates need to understand how the competitive environment will impact their employers and businesses.
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
You are borrowing money to buy your first house that costs $250,000. You go to the first bank you see, Big Attitude Bank, and they are charging 5% interest. After taking this class, you decide to shop around and find a bank called Super Cheap, that i..
Calculate the price elasticity of gasoline. Calculate the price elasticity of demand for gasoline. Calculate the elasticity of supply using the information provided. Calculate the changes in consumer and producer surplus.
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