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A firm's marginal profit can be defined as the change in its profit when output increases by one unit.
a. Compute the marginal profit for each change in Ned's Beds' output in Table 1.
b. State a complete rule for finding the profit maximizing output level in terms of marginal profit. suppose Ned can sell all the beds he wants at a price of $275 per bed.
a. What will Ned's MR curve look like?
b. In Table 1, how would you change the numbers in the marginal revenue column to reflect the constant price for beds?
c. Using the marginal cost and new marginal revenue numbers in Table 1, find the number of beds Ned should sell.
Plot the level of the index of consumer sentiment against the growth rate of disposable income per person. Is the relationship positive?
A firm called Altobella Vineyard produces Concord grapes in a perfectly competitive market in which monthly demand is given by the equation Q = 1800 - 16P and monthly supply by the equation Q = -660 + 14P, where P is the price per crate of grapes.
Confirm firm 1's optimal price depends on P2 according to P1=52.5+.25P2 (Set up profit expression of profit firm 1=(p1-30)Q1 =(P1-30)(75-P1+.5P2) and set Marginal Profit = 0 to solve for P1 in terms of P2.
to construct a p-chart for a manufacturing process 25 samples of size 200 were drawn from the process. the number of
What is the total fixed cost of production in this example?
1) what is equilibrium GDP 2) what is the marginal propensity to save out of disposable income 3) what is the average propensity to consume out of disposable income (at equilibrium GDP) 4) what is the value of the expenditure multiplier
1. Consider the following wage equation that has been estimated from a random sample of 35-65 year old older male workers:lnwi =3.825+0.152age-0.0014age2+0.103edui+εi (1) (12.10) (3.18) (2.05) (5.08)
What output, price, and profit levels would prevail following expiration of the company's monopoly franchise assuming that vigorous competition evolves between the local cable TV company, voIP firms, and Big Phone, Inc. Assume that a long-run perf..
Jacob Verytall signs a "Fifty Million Dollar" contract with the Mission City Muckrakers, a new basketball team. If he takes the job, he will pay $1000 dollars in moving costs immediately. Then he will be paid $10 million per year over the next 5 y..
Consider the market for health insurance. Suppose there are three people. Healthy Hal, Average Al, and Portly Pete. All three of these people will buy health insurance if it costs less than or equal to his actuarily fair insurance rate. Hal's true..
Draw an aggregate demand and supply diagram for Japan.
Time-series data for the last 15 years are used to estimate the regression model. E = a + bN where E is total earnings of the motion picture industry measured in dollars per year and N is the number of tickets sold in December.
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