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1) Class, is it possible for a business to show an accounting profit, but actually earn an economic loss? Why or why not? Give an example. 2) Example : the profit maximization rule is that a firm should produce at the level of output corresponding to the equality of marginal revenue and marginal cost. Marginal revenue is the change in total revenue due to a one-unit change in output. Marginal cost is the change in total revenue due to a one-unit change in output. We can write this rule as MR = MC.
2) QUESTION: Class, what if MR does not equal MC? Why does that necessarily mean that profit is not being maximized? Explain. 3) Class, what are some other important barriers to entry? What are more examples of oligopolies? What do we mean by industry concentration?
A recent internal study revealed that this client's demand for your software is Q^d = 100 - 0.1P and that it would cost you $500 per unit to install and maintain software at this client's site. the profit that results from charging this client a si..
a widget manufacturers production function is specied as y kl 64k12 l12 in the short-run the widget producer fixes
Demand: Q=225-15*P Costs: 300 + 12Q + 0.5Q2(superscript) a. What is the marginal revenue function for this firm b. What is the marginal cost function for this firm c. What is the profit maximizing level of output
How do your results in questions #2 and #3 help to explain the tendency of recessions and expansions to spread across countries?
which would have otherwise been sold for $180,000. The firm will borrow $750,000 to finance the acquisition. Total interest expense for 5-years is expected to approximate $350,000. What is the investment cost of the machine for capital budgeting p..
Suppose that the demand for oil is given by the equation P=10 - 0.2Q where Q is the quantity of oil in barrels per day and P is the price of oil in $ per barrel. You also know that at the current price of oil of $75 per barrel, 750 barrels of oil ..
The local smog control district has agreed to pay to the firm a lump sum of money to provide for the first cost of the equipment and maintenance during its 10-year useful life. At the end of 10 years the equipment, which initially cost $10,000, is..
A firm's demand function is defined as Q = 30 - 2P. a) Use this demand function to calculate total revenue when price is equal to 10 and when price is equal to 11. b) What is marginal revenue equal to between P=10 and P=11
b) What is the rate of inflation between 2007 and 2008 if the money supply in 2008 is 1,100 instead of 1,050 c) What is the rate of inflation between 2007 and 2008 if the money supply in 2008 is 1,100 and output is 2008 is 12,600
Patton Paints Corporation has a target capital structure of 30% debt and 70% common equity, with no preferred stock. Its before-tax cost of debt is 11% and its marginal tax rate is 40%. The current stock price is P0 = $33.00. The last dividend was..
L Q MPL APL 1 3 +3 3 2 6 +3 6 3 16 -10 -5.33 4 29 -13 -7.25 5 43 -14 -8.6 6 55 -12 -9.17 7 58 -3 -8.29 8 60 2 7.5 9 59 -1 -6.56 10 56 -3 -5.6 b). plot the (i) total product, (ii) marginal product, (iii) average product functions.
Evaluate the following events on prices and volume ofsales of houses in the Northern Kentucky housing market.Use demand and supply diagrams, label them carefully, and explainwhat affects the diagram as a result of each event.
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