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Problem
1. Economists assume that firms have a goal to maximize profits. Is this a reasonable assumption for not-for-profit organizations?
2. Suppose you were evaluating the profit earned by a pharmaceutical company that produces three different medicines. What information would you need to know to calculate profit?
A firm has monthly production function Q (L, K) = L +( ?1+K), where L is worker hours per month and K is square feet of manufacturing space. The marginal rate of technical substitution is |MRTS|= 2 (?1+K)
What is the Confucian attitude towards extravagance? What are some suggestions that this document gives towards the raising of good children?
Cost minimization for a given level of production is equivalent or identical the concept of product maximization for a given cost level , true or false ? please explain
A firm's profit, π , is the difference between its total revenue TR and its total costs TC. If TR = f (Q) and TC = g(Q) write the profit function and find the firm's marginal profit. What is the economic interpretation of marginal profit?
An analysis of why consumers purchase online products versus that of shopping centres. Shopping malls, are an important part of any developing and advanced economy.
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. what is the profit.
FlyAway Airlines has regular flights between San Diego and San Francisco. It can treat business and pleasure travelers as separate markets by demanding advance purchase and Saturday night stay-over for pleasure travelers.
How does your analysis of VMP change if the employer is a monopolist producer of its output but a price-taker in the labor market?
A company is interested in examining elasticity of a new product. What is the price elasticity of demand in the short run
Two firms are competing in a market. Firm 1 and Firm 2 simultaneously announce quantities, q1 and q2. The price charged in the market is given by p = 1 - q1 - 2q2. Both Firm 1 and Firm 2 have 0 marginal cost of production. What are equilibrium quanti..
Calculate Hana's income elasticity of demand for rice. Show your calculation. Is rice income elastic or inelastic? Is rice normal good or inferior good?
What are the ten principles of economics? What do principles of economic say about important microeconomic issue such as incentives, opportunity cost and trade?
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