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Beta Industries manufactures floppy disks that consumers perceive as identical to those produced by numerous other manufacturers. Recently, Beta hired an econometrician to estimate its cost function for producing boxes of one dozen floppy disks. The estimated cost function is C = 75 + 3Q2 . (MC = 6Q). Suppose other firms in the market sell the product at a price of $25.
a. What are the firm's fixed costs?
b. How much should this firm charge for the product?
c. What is the optimal level of output to maximize profits? (assume firms can produce partial units)
d. How much profit will be earned?
e. In the short run, should this firm continue to operate or shut down? Why?
If an autonomous decrease yields a new PAE expression, PAE = 195 + 0.6Y, find equilibrium and graph it on a Keynesian cross diagram and find the multipler. Please explain.
With an interest rate of 10 percent this person uses $100 current income along with an $80 bank loan to finance $60 of education. Explain how this individual should respond if interest rate increases. Discuss income and substitution effects.
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7, where Q is total output or units produces; K, capital; L, labor; and M, materials. That is this is an input factor production function. Find and interpret the output..
Why do so many members of Congress believe that the federal government should subsidize local projects, such as improvements in bus or subway systems in major cities?
indicate for each price whether the firm will produce, shut down, or be indifferent between the two in the short run, and whether it will make a profit, suffer a loss, or break even.
describe how the US oil companies can remain competitive in the US market when over 35% of crude oil is currently sourced from domestic deep water drilling.
Consider the market for taxi service in a city. Explain, by using supply and demand curves, how each of the following actions will affect the market. (Consider each case separately) A. Bus drivers go on strike. B. Bus fares increase after a strike by..
An upward or downward movement along a given demand curve or involves an outward or inward shift in the relevant demand curve for housing.
Suppose you are receiving a large shipment of Gizmos. The manufacturing standards provide that 1% of Gizmos turn out defective. You randomly select a sample of n = 25 from each lot and return the shipment if more than 2 are found defective. The proba..
explain why the tax would be placed on gasoline rather than, say yachts. Illustrate what might be the long run effect of raising the price of gas.
The tax on cigarettes in New York City is the highest in the nation- $5.85 per pack. Does this tax raise a lot of revenue for New York City? Why or why not? What are some of the secondary effect of this tax?
Deep web assessment exercise IS 301( business writing class) Using business source premier, conduct a keyword search for an article about outsourcing. Browse the result page and list some of the Subject term(s) which could be used to focus your searc..
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