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Beta Industries manufactures thumb drives that consumers perceive as identical to those produced by numerous other manufacturers. Recently, Beta hired an econometrician to estimate its cost function for producing boxes of one dozen thumb drives. The estimated cost function is C=20+2Q2
a. What are the firm’s fixed costs?
b. What is the firm’s marginal cost? Now suppose other firms in the market sell the product at a price of $10.
c. How much should this firm charge for the product? d. What is the optimal level of output to maximize profits?
e. How much profit will be earned?
f. In the long run, should this firm continue to operate or shut down? Why?
Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level? Defend your position using economic principles. I need a YES answer using economic principles to defend your answer?
Economists assume that profit-maximizing firms operate in perfectly competitive markets. However, this assumption does not hold in today's global market, as there are many reasons why markets are not perfectly competitive. Refer to the principle of c..
Consider an economy that begins with output equal to its natural level. Suppose the economy experiences a negative shock to the banking system. (a) Use the AD-AS and IS-LM models to show the effects of the shock on the AD, AS, IS, and LM curves.
Explain what each of the estimated coefficients means that is interpret the results. Explain. Are each of the estimated coefficients statistically significant at the 5% level of significance? Explain Completely.
Suppose that Clancy and Eileen are the only suppliers of pizza slices in a particular market. The following table shows their weekly supply schedules: Price Clancy's Quantity Supplied Eileen's Quantity Supplied (Dollars per slice) (Slices) (Slices) 1..
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East. The growth rate of the population in Fanez has consistently exceeded the real..
At Forest Point Construction, your boss says that he can estimate the total project time based on his personal experience. You are trying to convince him that he should use project management techniques to handle a complex project. What is the correc..
If the patent on a drug expires and the average price of the drug falls to a lower equilibrium price, there will be:
Consider the recipient's perspective in the global impact of development versus relief aid. Suppose a fixed amount of aid b is given to each worker in a developing country and that donors commit to continue these aid flows indefinitely.
Why has supply chain management become so important in recent years? What has changed in terms of business and marketing resulting in growing emphasis on the development of relationships and partnerships both upstream and downstream?
Suppose Congress is able to reduce its budget deficit permanently. Using the growth model, graphically illustrate the impact of a permanent deficit reduction on the steady-state capital-labor ratio and the steady state level of output per worker.
You live in a small town with basic medical care facilities and a couple of general practitioner physicians. One of the physicians has said that your cousin needs to be seen by a specialist. However, the nearest specialist is 3000 miles away, on the ..
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