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A firm’s total cost and marginal cost functions are
TC = 20 Q2 + 6 Q – 10 ; MC = 40 Q + 6.
Asuming that the market price is 166 and that the marginal revenue (MR) is also 166 (it is constant at all output levels),
What is the profit maximixing level of output produced?
Prove that your answer to part a., is the profit maziming quantity.
What will be máximum profits for this firm?
Evaluate the current state of the U.S. economy and explain how a Keynesian, Monetarist, and Neoclassical Theorist would each propose promoting economic growth. Discuss the cause and effect variables that each theory uses to explain business cycles.
Consider the Kenyan market for lemons. The following graph shows the domestic demand and domestic supply curves for lemons in Kenya. Suppose Kenya's government currently does not allow international trade in lemons. Finally, use the purple point (dia..
When yield management is implemented, which of the following does NOT result?
The ________ nature of consumer durables expenditures ________ a significant drop in the personal-saving-and-consumer-durables-expenditure ratio in a recession.
Use the Internet to learn more about what companies are doing to enhance employee creativity. Be specific when you make an entry in your search engine to avoid being deluged with a choice of Web sites far removed from your topic. In your search engin..
A county with 1M (M for million) population, 2% unemployment, and no in ation, voted to build a stadium and rent it to a professional baseball team. The team owner, who was not a county resident, was to pay $1M per year rent for use of the stadium an..
For each of the following decide whether the statement is true, false, or uncertain and explain why. Your explanation is the important part of the answer, make sure to draw graphs. If consumers decide to save more at a given level of disposable incom..
Growth rates in the Solow model (II): Suppose an economy begins in steady state and is characterized by the following parameter values: s 0.2, d 0.1, A 1, L 100. Apply your answer to question 8 to calculate the growth of per capita GDP in the period ..
It is unclear to a economic novice like me why OPEC is not cutting down production and raising oil prices. I have read several journalists commenting upon this on the internet but perhaps an economist can explain this current fact better.
Two women, Michelle and Tracy, are stranded on an island. Michelle can catch 8 fish per hour or gather 10 coconuts per hour. Tracy can catch 10 fish per hour or gather 40 coconuts per hour. an absolute advantage in producing both products,
Suppose that in addition to repairing your car, you can also spend money advertising. If you repair your car for Hours and spend A dollars advertising, your benefit (the amount you receive when you sell your car) is B(H,A)=220H-H^2+2A. What is your b..
Supermarkets and retailers always have decor and whatnot for various holidays (Halloween, Christmas etc..) as soon as the holiday passes, see all these products severely marked down. How does economic theory explain this price drop? What are sellers ..
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