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The price of jeans in a perfectly competitive market is NOW $13. Costs are STILL as follows: Quantity 0 1 2 3 4 5 6 7 8 9 10 Total Cost 10 17 26 37 50 65 82 101 122 145 170 1. What is the profit maximizing rate of output for the firm? What is the profit maximization rule/ 2. At what price should the firm shut down? What is the shutdown rule?
The price of jeans in a perfectly competitive market is $17. Costs are as follows: Quantity 0 1 2 3 4 5 6 7 8 9 10 Total Cost 10 17 26 37 50 65 82 101 122 145 170 1. What is the profit maximizing rate of output for the firm? What is the profit maximization rule? 2. At what price should the firm shut down? What is the shutdown rule?
Technology has had a direct and distinct impact on the job market. Although the fears of the early Luddites were never fully realized, with all employment being automated, it is clear that technology has limited some occupational fields and also open..
A firm uses 50,000 workers to produce 200,000 units of output per day. Compute the values for the following four formulas.
Consider an open economy in which the aggregate supply curve slopes upward in the short run. Firms in this nation do not import raw materials or any other productive inputs from abroad, but foreign residents purchase many of the nation's goods and se..
An MBA student has proposed the following demand equation for good Y. QdY = a + b PY + c M where: QdY = quantity demanded of good Y in millions of tons per year PY = Price of good Y in dollars per ton M = Average consumer income in thousands of dolla..
Compute the price elasticity of demand for TV Plasmas. Explain how could we classify the demand for TV Plasmas.
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 revive when you sell your car) is B(H,A)=220H-H^2+2A. Both H and A ar..
Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.20 million. This investment will consist of $3.00 million for land and $9.20 million for trucks ..
q.suppose that a banks customer deposits 4000 in her checking account. the required reserve ratio is 0.25. what are the
What does it mean for a good to be non-excludable in theory one may worry that such a problem could completely shut down private markets. How did we deal with that in designing a private environment for the public goods case so that this doesn't happ..
Suppose that currency in circulation is $500 billion, the amount of checkable deposits is $1,000 billion, excess reserves are $150 billion, and the required reserve ratio on checkable deposits is 10%. Calculate the money supply, the monetary base, th..
Suppose that there are two goods, apples and oranges, and two individuals, John and Mike. John has four apples and two oranges, and Mike also has four apples and two oranges. We will call this “point A.” Define what it means for an allocation of good..
At the profit-maximizing quantity, what is the average total cost of producing e-books.
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