2. Assume the above graph depicts a firm that tries to maximize profits or minimize losses. Also assume this firm has a Total Cost Equation of 150 + 20Q + .5Q2, and a demand curve that can be described by the equation P = 60 -1Q Answer the following questions on the above firm, and show your work to receive full credit.
A. How much are the firm's Fixed Costs?
B. Assuming this firm's operates at its profit-maximizing output, what is that quantity of output?
C. At its profit-maximizing output, what is the firm's profit or loss?
D. The firm has a marginal cost equation that is shown above as MC=$20+$1Q. Suppose something happens to cause that equation to change to MC=$22+$1Q. How does this change in the firm's cost structure impact its profit-maximizing output and price? What practical implications for the firm's customers does your answer have?

Determine whether and how each of the following factors would shift the demandcurve for chiropractic visits:
a. an increase in the out-of-pocket price of chiropractic visits
b. an increase in back problems
c. a reduction in the out-of-pocket price for chiropractic visits
d. an aging of the population
e. an increa

Starting with the estimated demand function for Chevrolet given in problem 2, assume that the average value of the independent variables changes to N=225 million, I= 12,000, PF=10,000, Pg=100 cents, A=250,000, and p1=0 (ie. The incentives are phased out).
3(a). Find the equation of the new demandcurve for Chevrolets.
3(b).

OTA, I have learned thus far in my Economics course regarding Elasticity being a vital concept. From the standpoint of a manager and as a typical consumer, explain in your own words, based on your experience and education, how elasticity was a tool for managerial decision-making at Southwest Airlines at a time when airline price

Suppose the market demand for pizza is given by Qd=300-20p and the market supply for pizza given by Qs=20p-100, where P=price (per pizza).
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?

The question asked that suppose that the Organization of Petroleum Exporting Countries raises oil prices by 50 percent in 2005. What effect will thishave on the U.S. Aggregate demandcurve? On the U.S. Short-run aggregate supply curve?

The monopolist and the perfect competitor differ in that:
they face different demandcurves
the monopolist does not always produce at an output at which MC=MR
the monopolist is always a large firm
the monopolist is more efficient
The monopolist is a(n):
imperfect competitor and has a horizontal demand

Suppose a firm's demandcurve is given by P=120-0.5Q. Find the (value of) price elasticity of demand (point elasticity) for the demandcurve when the price is $100. Is demand elastic or inelastic?
Once it's determined to be elastic or inelastic, how do you come to that conclusion?

The following is a demand schedule for shoes:
Price: $100 ; $80 ; $60 ; $40 ; $20
Quantity: 10 ; 14 ; 18 ; 22 ; 26
A) Illustrate the demandcurve.
B) How much will consumers spend on shoes at a price of $80?
C) As price drops from $100 to $80, is the demand elastic or inelastic? Show yo