Please refer attached file for better clarity of tables. Problems : 1. Kate's Katering provides catered meals, and the catered meals industry is perfectly competitive. Kate's machinery costs $100 per day and is the only fixed input. Her variable cost is comprised of the wages paid to the cooks and the food ingredients.
Define Q to be the level of output produced and sold, and assume that the firm's cost function is given by the relationship: TC = 20 + 5Q + Q^2 (Q is squared) Furthermore, assume that the demand for the output of the firm is a function of price P given by the relationship: Q = 25 - P 1. Define total profit as the
In a pure monopoly the company faces an inverse demand (price) for their product. p = 20-0.04q1 marginal revenue is r= 20- 0.08q1 and marginal cost is mc1= 0.1+ 0.5q1 total costs is TC1= 5 + 0.1q + 0.25q1(squared) what is profit maximising level for a) price b) quantity c) monopoly profit If the co
Need assistance with discussing marketing trends for Target store in the areas of: structures a. Market structure b. Impact of new companies entering the market Need to write 350 -400 words on trends.
To solve this exercise I have to use the results of the exercises solved in the document attached. Assume that the demand curve has the form of D = 7500/p. Without congestion the p equals the average costs of road traffic and D is the volume of traffic. Draw the average and marginal costs curves as well as demand curve in
Please refer attached file for diagram. The follwing diagram shows the cost structure of a mononpoly firm as well as market demand. Identify on the graph and calculate the following: a. Profit-maximizing output level b. Profit-maximizing price c. Total Revenue d. Total Cost e. Total profit or loss. State the correct
1. Which of the following is the correct model for total revenue, TR? A) p(2500 - 12p) = TR B) 2500p -12p = TR C) d(2500 -12p) = TR D) 2500 - (12p)d = TR 2. Westside Bakery is considering opening a new branch in Abingdon, IL. Westside will initially sell only loaves of wheat bread. The fixed costs including building, oven
Suppose that the total cost function for a single firm in a purely competitive industry is given by the following equation: TC = $5,625 + $5Q + $0.01Q2 Because this industry is purely competitive in nature, each firm behaves as a price taker and market price is given at $20 per unit (so that P = MR = $20). Finally, assume
Carlton Industries, a manufacturer of electronic equipment, estimates the following relation between its marginal cost of production output: MC = $150 + 0.005Q a) What does this MC function imply about the effect of the law of diminishing returns on Carlton's short-run cost function? b) Derive the marginal cost of prod
Jason Kidwell is able to purchase Toys'n Things, Inc. for $2.2 million. Jason estimates that after initiating his changes in the company's operations the firm's cost of goods sold are 55% of firm revenues and operating expenses are equal to a fixed compnonent of $350,000 plus a variable cost component equal to 10% of revenues.
Problem: a.Given the following chart and information fill in the missing values. Output TFC TVC TC MC AFC AVC ATC 0 $2,000 -- 50
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firms total cost are C(Q) = 40 + 8Q + 2Q^2 a) how much output should the firm produce in the short run? b) What price should the firm charge in the short run? c) What are the firm's short run profits? d) What
Consider a firm in a perfectly competitive market. The firm has just built a plant that costs $15,000. Each unit of output requires $5 worth of materials. Each worker costs $3 per hour. a. Based on the information above, fill in the following table. (Refer to the attachment for proper formatting of this chart) Number
Profit Maximization Profit Maximization 1) Fill in the missing data for price (P), total revenue (TR), Marginal Revenue (MR), total cost (TC), Marginal Costs (MC), profit (ð), and marginal profit (Mð) in the following table (all units except Q are dollar
Explain the laws of Supply and Demand; distinguish between shifts in each, from a movement along its curve, then explain how the laws of supply and demand generate equilibrium. What are the limitations of supply and demand analysis?
4)The recently submerged kingdom of Atlantis is populated by identical rational air breathing individuals. The king has decided to give an award to the industry whose product yields the kingdom the most economic value. Hundreds of industries have entered the competition for the award. The finalists in the competition are the c
Please see the attachment. Sun City, Arizona, a retirement community that features full-service living arrangements, is considering two proposals to provide lawn care to elderly residents. First, a national lawn care firm has offered to purchase the city's lawn care equipment at an attractive price in return for an exclusive fr
In the attached table, I need the missing data for price, total revenue, marginal revenue, total cost, marginal cost, profit and marginal profit TR = MR MC Profit MPi Q P P*Q ▲ TR/▲Q TC ▲ TR/▲Q ▲π
A. Find the values of TR, MR, VC, TC, MC, AFC, AVC, P/L b. Is this firm a profit max., loss min., or a close-down case. c. Show your answers graphically using the TR/TC or MR/MC approach. See more in long description
A perfectly competitive firm is operating in a market where price is given as $20 and the cost of production is as shown on the table below: Q P TR MR FC VC TC MC AFC AVC P/L 0 20 10 10 1 20 10 18 2 20 10 25 3 20
Macroeconomics Question Scenario You are given the following information about the economy of Nocoin: the banks have deposits of $300 billion. Their reserves are $15 billion, two thirds of which is in deposits with the central bank. Households' and firms hold $30 billion in banknotes. There are no coins Question: The
1. Suppose that you want to reduce the emissions from two firms. Their marginal abatement cost schedules are in the following table. An entry in the table indicates the cost of reducing emissions by one unit from the previous level. For example, $60 is the additional abatement cost for Firm 1 to reduce its emissions from 3 to
1. Indicate whether each of the following statements is true or false and explain why. a. A competitive firm that is incurring a loss should immediately cease operations. b. A pure monopoly does not have to worry about suffering loses because it has the power to set its prices at any level it desires. c. In the long run, firm
Please help with your knowledge on the problem. My goal is to learn the material, but if even if you can't help with the final answer. So all input is welcome. Thank you! Let P = 53-Q be a consumer's long-run (inverse) demand curve for gasoline, and P= 103-2Q be the consumer's short-run (inverse) demand curve, where P is th
Please can someone give some ideas, even if they don't know the final solution? A firm receives a price of 120 for its output. Its total cost function is C=.02Q^3 +.4Q^2 - 5Q - 15. a) Assuming the utility operates to maximize profits, what is this firm's profit maximizing output level? I know we have to use the qu
I am having trouble finding the cost function since it is needed to calculate profit( revenue my cost). Also can you help with the others, please. The short-run supply curve for an orange producer in Florida is P=.001Q, where Q is bushels of oranges produced in a year. The market price of a bushel of oranges is $20 per bushe
Please answer A, B & C. Dyna-Rubber, Inc. man manufactures a high-performance tire called Sport 70. Fixed development cost for the current year is $600,000. Marginal costs for manufacturing and distribution are $63 per tire. Based on recent sales experience, the estimated demand curve and marginal revenue relations for Sports 7
Planning Inventories The national tire company (NTC) manufactures only one type of tire and wants to plan its production and inventory levels for the next five months. Company policy is to schedule all of its overtime production during one month. The following table provides the relevant data for each month, where the inven
1. Groovy Tuesday, a clothing manufacturer, has found that their costs can be approximated by the equation: C = 500 + 2Q2. The consulting firm they hired to estimate their current demand determined that demand is characterized by: Q = 450 - 2P. What level of production would maximize their profit? 2. Musical Melodies, a s
You are given the following data and asked to determine the beta coefficient and the alpha coefficient for IBM and General Electric stock. If you assume that past history is indicative of future expectations and covariances, were IBM and GE good buys at the end of this data set (I.e. in January 2007)? Why or why not? The one
5. Assume that two power plants, Firm 1 and Firm 2 release sulfur dioxide (SO2) in a small urban community that exceeds the emissions standard. To meet the standard, 30 units of SO2 must be abated in total. The two firms face the following abatement costs: MAC1=16+0.5A1 MAC2=10+2.5A2 where costs are measured in thousands