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All firms in a competitive market have the following total cost function: TC = 0.5Q3- 12.5Q2+ 125Q + 3200 The market demand and supply functions are given by Qmd = 16500 - 60P , Qms = -3500 + 40P
(a) What is a typical firm's optimal level of output?
(b) What is the firm's profit or loss?
(c) How many firms operate in this market?
How does the concept of "tradeoff" relate to "opportunity costs" and what is the difference between monetary and non-monetary opportunity costs?
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You are considering two kinds of equipment for your company, alternative A with initial cost of $700,000, salvage value of $175,000 and annual cost of $40,000. Alternative B has an initial cost of $500,000, salvage value of $125,000 and annual cost o..
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The theory of comparative advantage recommends a country produces goods where:
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How would the UAW benefit for increased demand for GM and Chrysler vehicles - Each year Forbes magazine lists the multimillion-dollar earnings of top entertainers and professional athletes.
Identify the government department that compiles the statistics on unemployment. About how many business firms in the United States are proprietorships?
What type of externality (positive or negative) is present in each of the following examples? Is the marginal social benefit of the activity greater than or equal to the marginal benefit to the individual?
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