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Assume that a monopoly has the following inverse demand curve: P=80-5Q. The firm's total cost function is TC=20+10Q. At what output is the firm's total revenue maximized?
Josh Ritchey has just been hired as a cost engineer by a large airlines company. Josh's first idea is to quit giving complimentary cocktails, wine, and beer to the international flying public. The net savings would amount to $12.5 million per year! J..
Why is market power an important element in the rule of reason treatment of tying contracts?
Suppose a perfectly competitive firm sees that price is $23 in the market place. It notices that the cost of producing the next unit of output is $26. What advice would you give to this firm? Explain your answer.
Suppose that the chain-weighted index for GDP in Gambia was 275 in 2009 and 350 in 2010. The inflation rate between those two years was
Of the following, three mean the same thing and one means something different. Which option does not mean the same thing as the other three in the context of the basic market model we reviewed in class (and that you learned about in principles of mic..
A firm makes and sells a computer for $1000. The variable cost to produce. A computer, for the range of production of the firm, is $300 per unit. The total fixed cost per year to make the computer are $4.0 million. How many computers must me made and..
The owner of a test prep company was interested in whether students who took the company’s face to face test prep class did better on the GRE than students who followed the test prep company’s live online program. In which situation could the test pr..
The short run for a company is
Through Internet research, find and describe three (3) examples of physical or mental problems covered by the American with Disabilities Act (ADA), and three (3) examples of physical or mental problems not covered by the ADA.
Suppose the quantity of gadgets demanded is reported to have fallen by 20 units—from 50 to 30 units—as a result of a per-unit-price increase in widgets from $10 to $14, what is the cross-price elasticity of demand? Explain your cross-price elasticity..
Illustrate what is the difference among the Marxist also the Value Conflict approach to social problems
An investor is considering the construction of a new marina on the Detroit river at a cost of $68m. M&O costs will average $80,000 per year for the first five years, and rise to $100,000 per year thereafter. A major overhaul costing $12m will be requ..
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