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a. Suppose that a firm"s production function is q = 9X1/2 in the short run, where there are fixed costs of $1000, and x is the variable input whose cost is $4000per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q).
b. Write down the equation for the supply curve.
c. If price is $1000,how many units will the firm produce? What is the level of profit? Illustrate your answer on a cost-curve graph.
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
When appropriate, the optimal solution to a maximization linear programming problem can be found by graphing the feasible region and: finding the profit at every corner point of the feasible region to see which one gives the highest value.
Which of the following is true for perfect competition but not true for monopolistic competition and monopoly. a. MC = MR. b. P = MC. c. Positive long run profits. d. Both b and c.2. Profit margin equals: a. marginal cost minus marginal revenue. b. a..
A gasoline station very near a profesional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parking price to $5.00 and parked 850 cars. Did the stat..
name a good or service that you have purchased in recent months from a monopolist. How did the monopoly come to exist Do you think you would have benefitted from increased competition in the market for this good or service
what are the cost and consequences of providing the subidies?
Do you think the demand for mangoes is price elastic or price inelastic? Explain your answer based on the determinants of price elasticity of demand.
After viewing the videos included in this week's multimedia resources, reflect on the challenges facing the U.S. labor force due to outsourcing of jobs overseas. Discuss the effect of outsourcing of production on GDP.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Economic fluctuations (or business cycles) are fluctuations in the level of economic activity, relative to a long-term growth trend. Comparing and contrasting the economic fluctuation the United States has experiences from 1990 to current date.
Suppose that you have just read a review of the literature of the effect of beauty on earnings.
California's newly deregulated power market start operation. The large power utilities in state turned over control of their electric transmission amenities to the new Independent System Operator (ISO) to promise fair access to transmission through a..
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