The demand function and total cost function for a product are 6P = 660 − 3Q, TC = 80 − 20Q2 + 600Q (a) Write down expressions for: (i) average cost, (ii) marginal cost, (iii) total revenue, (iv) marginal revenue, (v) profit. (b) Determine the values of Q for which total cost is a maximum. Calculate the maximum costs. Calculate the profit when total costs are a maximum. (c) Determine the value of Q for which profit is a minimum. What is the minimum profit

Q: 13. Envelope Curve III Consider a perfectly competitive increasing-cost industry with n identical…

A: Perfect competitive market is market which runs with n number of buyers and sellers. Under this…

Q: Consider the following zero-sum game: Player C С1 С2 Сз R1 13 12| 10 R2 14 6 8 R3 16 7 a. Does…

A: Dominant strategy: which gives the maximum payoffs to a player, irrespective of what other players…

Q: [Consider the effects of an increase in the global price of oil. For a country such as Australia,…

A: The main difference between the GDP deflator and the consumer price index is that the GDP deflator…

Q: Discuss the sustability during the pandemic on how they have influenced the management of the…

A: Agriculture business management is a specialization in management that focuses on the commercial…

Q: A contractor imported a bulldozer for his job, paying Ph 250000 to the manufacturer. Freight and…

A: Here is a wide range of shows that are intended to match deals and costs to the period in which they…

Q: Suppose the nominal interest rate is curently 2.4 per cent and expectec inflation is 16 per cent. I…

A: The fisher effect refers to the economic analysis of the relationship between real interest rate,…

Q: of two methods must be used to produce expansion anchors. Method A costs $80,000 initially and will…

A: Solution given below,

Q: Data for four mutually exclusive alternatives are given in the table below. Assume a life of 7 years…

A: Benefit-to-cost (B/C) ratio is a method for evaluating how much the benefits of a specific venture…

Q: There are 100 workers in Vietnam, and each worker can produce either 10 shirts or 2 hats. There are…

A: The maximum output of two items utilizing a certain quantity of input is measured by a production…

Q: A coal-fired power plant has upgraded an emission control valve. The modification costs only $5,000…

A: Present value refers to the current value for a series of future sum of money or a series of cash…

Q: How can growth and development affect the country’s economy?

A: Economic growth is defined as a rise in the market value of goods and services generated in the…

Q: What do you think are the primary obstacles to state and local governments adopting data analysis to…

A: The economic slump, which has been marked by high unemployment and foreclosure rates, as well as…

Q: The government offers subsidies to homeowners for the purchase and installation of solar energy…

A: Equilibrium in the market occurs where quantity demanded equals quantity supplied, that is at the…

Q: Q.5 Given the demand functions, (i) Q = 150 − 0.5P,      (ii) P = 80 − 2Q,         (iii) P = 45…

A: We have  Q=150-0.5P       ... (1) “Since you have posted a question with multiple sub-parts, we will…

Q: A service car whose cash price was ₱ 540,000 was bought with a down payment of ₱ 162,000 and monthly…

A: Annuity is a payment made in a fixed interval into a deposit or annual payment made for discharge of…

Q: Jean deposited P1,000, P1,500 and P2,000 at the end of the 2nd year, 3rd year and 4th year,…

A: We have given  We have to find an equivalent uniform annual deposit for uniform gradient series…

Q: Suppose market demand and supply are given by Qd=100-2P and Qs=5+3P. If a price floor of $30 is set,…

A: "Price floor is a type of price control used by the government to impose a limit on how low a price…

Q: An increase in the price of gasoline leads to an increase in the demand for small cars. An increase…

A: Derived demand is a financial term that alludes to the demand for a decent or administration that…

Q: This table shows the number of cappuccinos that can be made per hour given each number of baristas…

A: Firm hires the labor where wage is equals to the value of MPL where VMPL = P* MPL

Q: Would the owner of a profit-maximizing clothing store hire another worker for $85 per day if the…

A: Answer Is given below...

Q: ers obtain large nominal wage increases. i) the short run effect on the price level and real output…

A: When the nominal wage increases, the aggregate demand increases due to enlarged consumption in…

Q: Which of the following is international trade? a. Trade between regions b. Both (b) and (c) c.…

A: International trade is very beneficial for the economy of a country because it influences the GDP of…

Q: From the following data relating to the number of letters posted a port office find the seasonal…

A: In the mentioned question we have to calculate seasonal variations using the method of simple…

Q: Suppose that the economy is initially in a steady state and that some of the nation's capital stock…

A: We have been told to assume economy is in steady state and because of natural disaster or war…

Q: 12. A car dealer advertise the sale of a car model for a cash price of P280,000. If purchased on…

A: Given cash price of car = 280,000 P Down payment = 15 % of price = 42000 Remaining balance to be…

Q: The production function q = K1.2 + 3L1.2 exhibits [increasing return to scale, constant return to…

A: production function, in financial matters, is a condition that communicates the connection between…

Q: The price and quantity data for Year 1 and Year 2 are as follows: Bread Butter 100 Year 1 Quantity…

A: Real GDP is defined as an inflation-adjusted measure that shows the value of all commodities and…

Q: Why should there be a standard work- week rather than a situation in which individual workers are…

A: There are many reasons for a standard workweek instead of free will:- - If there is no standard…

Q: Perfectly competitive firms earn zero economic profit in the long run. True False

A: In perfectly competitive market, price is constant so it is equal to marginal revenue. Profit is…

Q: As before, Agatha consumes two goods 1 and 2. Her income is $200. The price of good 2 is always $2.…

A:

Q: quirement: Use Microsoft Word in answering an OBLEM SOLVING: 1. The following table gives the daily…

A: Demand curve shows an inverse relationship between price and quantity demanded while supply curve…

Q: Kween considers buying a house. Currently, she rents a place for $1,000 a month. The current monthly…

A: Mortgage is a type of loan which is used by people to purchase any type of property. It could be for…

Q: Does this production function q = 9K0.8L0.1 exhibits [increasing return to scale, constant return…

A: Given: q = 9K0.8L0.1

Q: 2. The cash flows associated with a public- school building repair project are as follows: costs…

A: B/C is the ratio of total benefits to total costs.

Q: Table 1 data for household consumption and income Consumption per week (US $) (Y) 55, 60, 65, 70, 75…

A: Given Data Given random sample data

Q: A perfectly competitive firm's production function is Q=4LK where Q is the amount produced, L is the…

A: Marginal product of labour refers to the change in total product when an additional unit of labor is…

Q: Suppose market demand and supply are given by Qd=100-2P and Qs=5+3P. If a price ceiling of $15 is…

A: Given: Qd=100-2P Qs=5+3P

Q: 3. When one country joins a free trade area with a common external tariff, it causes: O a. Trade…

A: In economics, it is very important for the firms to engage in trading activities because trading…

Q: What amount does each bidder bid in the Bayesian Nash equilibrium of a 2nd price auction? The…

A: Each advertiser offers a fixed amount per impression, which is compared to the other available bids,…

Q: Discuss the threats of independence in the Waste management scandal 1998

A: Auditor independence Auditor independence states that the person conducting the audit should be an…

Q: I. Suppose the Fed creates a new electronic dollar. This new system allows everyone to make and…

A: In the IS-LM model, IS curve shows equilibrium in the goods market and the LM curve shows…

Q: Question 3 Goluki's preferences are given by the following utility function: 1/3 1/3 U(qı, 92) = +…

A: U(q1,q2)=q13+q13

Q: Describe the impact of a decrease in the contribution by the agriculture sector in the economy

A: Agriculture sector is that part of the economy which is concerned with production and distribution…

Q: Analyze data purposefully with accuracy, integrity and comprehensiveness. Dependent Variable: GDP…

A: Explanation- Here we use dependent variable is GDP and independent variable mobile and internet. we…

Q: The table shows three alternative distributions of land ownership in a village with 100 people and…

A: The Gini coefficient used to represent the inequality with the help of the Lorenz curve.

Q: Assume that a small open economy with a fixed exchange rate is given by:   LM curve is given by: Y…

A: Answer: Given, LM curve is given by: Y = 700 r – 250 + 2(M/P) IS curve is given by:   Y = 400 + 3G –…

Q: Say that the marginal revenue brought by hiring a worker is at P600/day, and the minimum wage is…

A: Here, it is given that the marginal revenue from hiring one more worker by the firm is $600/day,…

Q: 2. A monopoly faces the total revenue function TR = 300q – 2q? and the total cost function TC = 12q3…

A: Profit = TR-TC Profit = 300q - 2q2 - 12q3 + 44q2 - 60q -30 Part a: Profit function: π = 240q  + 42q2…