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A competitive firm has the following quadratic TC function TC = 5Q2+ 200
Assume the market price P is $175 per unit.
(a) How much it costs the firm to produce the 11th unit of output?
(b) What is the marginal profit of the 11th unit of output?
(c) What is the firm's profit maximizing level of output? What is its profit?
(d) What is marginal profit of the last unit of output?
(e) What is the long-run price established in this market?
(f) What is the output and profit for the firm in the long-run? In some industries a firm's profit maximization objective is basically a revenue maximization problem. A good example is the operation of sport clubs, espe- cially when the franchises do not own the arena or stadium they play in. With a stadium/arena lease and players' contracts in place, the cost of operation of a team for a season is very much known. Therefore, profit is largely determined by revenue from ticket sales and merchandising. Managing rental apartment complexes and hotels are other variations on this theme.
Which of the following curves—average fixed cost, average variable cost, average total cost, and marginal cost—would shift as a result of the lump-sum tax? Why? Show this in a graph. Label the graph as precisely as possible.
Evaluate the rationale for international commodity agreements that have been applied to commodities such as tin, cocoa, coffee, sugar, and wheat. Determine the important factors that contribute to the success of the trade agreements.
Which is one of the three fundamental questions that require to be dealt with in any economic system? What makes the rate of unemployment low? What goods and services will be produced?
Construct a graph showing supply and demand in the E-Book market, using Excel - How are the Laws of Supply and Demand illustrated in this graph Explain your answers.
what has happened to the value of the u.s. dollar relative to the japanese yen over the past six months? what fiscal
if unemployment insurance were so generous that it paid unemployed workers 90 of their regular salary a. the official
Write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea (village) of a developing country of your choice.
Reserve requirement for banks is set at 5 percent. Your firm deposits its profits of $28,000 into the Third National Bank. How much excess reserve does your deposit generate for the bank? What is the Federal Funds Rate in the banking system? Describe..
Assume the marginal savings from emissions for an industry are given by MS
Assume a given demand curve for massage therapy services. In the context of providing massage therapy services, list, and describe in detail, five different variables that may cause an increase in the demand for these services.
What monetary policies do you think caused the crisis and what were the effects of the policies implemented in reaction to the crisis
farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.
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