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Q. What is smallest integer price that would make a firm willing to produce a positive amount? 3. Suppose that Dent Carr's long-run total cost of repairing s cars per week is: lrtc(s) = 3s2 + 12. If price he receives for repairing a car is $24, n in long run, how many cars will he fix per week if he maximizes profits?
If there is a 10% decline in the cost of women's fur coats and a 25% increase in quantity demanded Illustrate what is the elasticity.
Suppose you consume nothing but goods X and Y. We have two years.
When do assumptions made in conjunction with economic theorizing have to be realistic. Can unrealistic assumptions provide useful outcomes.
Suppose a second firm enters the market. let Q1 be the output of the first firm and Q2 be the output of the second. What is the profits of each firm as functions of Q1 and Q2.
What is maximum amount it would be worth to shareholders to elicit high CEO effort all time rather low CEO effort all time.
Assume the market for cough syrup is in equilibrium. Now, suppose the government imposes a price ceiling that is above the original equilibrium price. Illustrate what are the economic effects of the price ceiling?
flexibility in the sequence in which products are produced using these functions. Millwood's new layout is an example of the fixed-position layout.
bananas can be produced. Between these points. Illustrate what is the opportunity cost of producing a pound of apples.
Illustrate what is the best measure of economic well being of individuals in society.
Illustrate what recieves goverment subsides that are in place to protect the population rather than for economic reasons.
Illustrate the situation: Firm X develops a new product and gets a head start in its production. Other firms try to produce a similar product but discover they have higher average total costs than the existing firm.
Using a wholesale cost of $4 per case in each state, calculate the breakeven output quantities for each alternative.
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