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A firm sells its product in a perfectly competitive market where other firm charges a price of $40 per unit. The firm's total costs are
C(Q) = 40 + 8Q + 2Q2.
a. How much should the firm produce in the short run?
b. What price should the firm charge in the short run?
c. What is the firm's short-run profit?
The ticket cost Dave $600. To attend the concert Tim will have to take 3 days off from work where his daily compensation is $250. In addition Tim expects travel expenses to be $175 and the cost of a hotel for 2 days to be $275. What is the economi..
Smith Corp. has determined that its contribution margin, (P - MC)/P, is 40%. A recent market research study found the following relationship between adverting outlays and sales revenue. Advertising Outlays Gross Revenues from Sales $500,000 $4,000..
Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
The banking market in Athens, Ohio, currently has four banks with market shares of 60 percent, 20 percent, 15 percent, and 5 percent. The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve.
Fill in the missing values for TFC, TVC, AFC, AVC, ATC, MC, TR, MR, and Total Profit in the blue sections of the table. Winsome Widget Factory Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average ..
Using data from 1988 for houses sold in Andover, Massachusetts, from Kiel and McClain (1995), the following equation relates housing price (price) to the distance from a recently built garbage incinerator (dist): fitted log(price) = 9.40 + 0.312 l..
The Solar Energy Company is producing electricity from a solar source by using a large array of solar cells and selling the power to the local utility company. Because these cells degrade over time, thereby resulting in lower conversion efficiency..
Given a two period model and an inverse demand curve for a depletable resource is P= 10 - 0.2q and the Marginal Cost is constant and equal to 3. a)What is the static efficient level of consumption for the resource b)If the discount rate is zero
1. The cross price elasticity of demand between goods X and Y is -3.5. If the price of X decreases by 7%, the quantity demanded of Y will ___. 2. What is the horizontal intercept of the budget line, given that M = $1,000, PX = $50, and PY = $40
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to..
Assets Liabilities Total reserves $12 billion Transactions accounts $ 50 billion Loans $27 billion Securities $11 billion Total $50 billion Total $50 billion 22.1. If the required reserve ratio is 0.20, what are the banks' required reserves
Increasing customer satisfaction typically results in increased purchase behavior. For many products, there is more than one measure of customer satisfaction. In many of these instances, purchase behavior can increase dramatically with an increase..
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