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19 Nov
2020

(Instruction: I posted this same thing last week, but not all of the letters…

Category:ACADEMICIAN

SOLUTION AT Australian Expert Writers

(Instruction: I posted this same thing last week, but not all of the letters were solved. Please solve all the problems from A to G and mention the letter with the answers, so there will be no confusion. Also, please do not handwrite it, because handwriting is very difficult to understand. I need it to study for my upcoming exam. ) Managerial Economics Question1) The Cumins Lamp Company , a producer of old-style oil lamps, estimated the following demand function for its product: Q = 120,000 – 10,000PWhere Q is the quantity demanded per year and P is the price per lamp. The firm’s fixed costs are $12,000 and variable costs are $1.50 per lamp.A) Write equation for the total revenue (TR) function in terms of Q.B) Specify the marginal revenue function .C) Write equation for the total cost (TC) function in terms of Q.D) Specify the marginal cost function.E) Write equation for total profits (r) in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?F) Check your answers in Part (e) by equating the marginal revenue and marginal cost functions, determined in Parts (b) and (d) , and solving for Q.G) What model of market pricing behavior has been assumed in this problem?
A Los Angeles firm uses a single input to produce a recreational commodity according to a production function f(x) =
A Los Angeles firm uses a single input to produce a recreational commodity according to a production function f(x) = 4√ x, where x is the number of units of input. The commodity sells for $100 per unit. Theinput costs $50 per unit. -Write down a function that states the firm’s profit as a function of the amount of input. -What is the profit-maximizing amount of input? -What is the profit-maximizing amount of output? -How much profit does it make when it maximizes profits? -Suppose that the firm is taxed $20 per unit of its output and the price of its input is subsidized by $10. What is its new input level? -What is its new output level? -How much profit does it make now? -Suppose that instead of these taxes and subsidies, the firm is taxed at 50% of its profits. Write down its after-tax profits as a function of the amount of input. -What is the profit maximizing amount of output? -How much profit does it make after taxes?I need help with 3,4,6,7, and 10
Can you review and explain by showing work? Also if you know the formula needed for a. can you tell
Can you review and explain by showing work? Also if you know the formula needed for a. can you tell me what it is…Mountain Springs Water Company produces bottled water. Internal consultants estimate the company’s production function to be Q = 300L2K, where Q is the number of bottles of water produced each week, L is the hours of labor per week, and K is the number of machine hours per week. Each machine can operate 100 hours a week. Labor costs $20/hour, and each machine costs $1000 per week.a. Suppose the firm has 20 machines and is producing its current output using an optimal K/L ratio. How many people does Mountain Springs employ? Assume each person works 40 hours a week. b. Recent technological advancements have caused machine prices to drop. Mountain Springs can now lease each machine for $800 a week. How will this affect the optimal K/L ratio (i.e., will the optimal K/L ratio be smaller or larger)? Show why.
The cost of producing x notebooks is C(x) = 20 5x − 0.01×22 a. the profit function. and the
The cost of producing x notebooks is C(x) = 20 5x − 0.01×22 a. the profit function. and the revenue for the sale of x notebooks is R(x) = 8x − 0.02x . Findb. the marginal cost and the marginal revenue function. c. For what value of x is the marginal cost equal to the marginal revenue? d. What is the marginal profit at that instance (in letter c)?
Prompt Consider a firm facing conventional technology with U-shaped AVC and ATC and MC. The firm wants to maximize profits
Economics Assignment Writing ServicePrompt Consider a firm facing conventional technology with U-shaped AVC and ATC and MC. The firm wants to maximize profits given an exogenously fixed price of P = $20. Further, suppose the firm correctly determines that its short run profit maximizing output is 1000 given its costs and the exogenously fixed price of $20.Question 1AUsing the axes as constructed below, depict marginal revenue and marginal cost curves that would support the conclusion that the optimal short run output is q = 1000. Be sure to label all important values.Question 1BIs this a short run equilibrium? Explain.Question 2AReproduce your graph from Question 1, but add an average total cost curve to the picture in such a way that the firm is earning zero profits (π = 0).Upload your graph.Question 2BDoes your graph in Question 2A depict a short run equilibrium? If so, explain why. If not, explain why not.Question 3AAgain, reproduce your graph from Question 1. For this question, depict a different ATC curve, one where the firm has negative profits (π < 0) at the profit maximizing output of 1000. Add an additional average cost curve that will allow you to determine whether to shutdown or keep producing at Q = 1000.Upload your graph.Question 3BShould the firm produce Q = 1000 in the short run or should it shutdown, producing Q = 0?
Using the following production function: Y A* FKN = (,) where Y is realoutput K is the real capital stock,
Using the following production function: Y A* FKN = (,) where Y is realoutput K is the real capital stock, N is the size of the labour force and A is a parameter reflecting the state of technology, derive an expression showing how the rate of growth in real output can be broken down into its component parts. Interpret and explain this expression.Can you please kindly explain in detail how I would solve this question?
Mary is planning to travel to a country where there is some risk of contracting malaria. The market price for
Mary is planning to travel to a country where there is some risk of contracting malaria. The market price for the medication that prevents malaria is $400 (the preventative medicine is not covered by insurance). It would take her 2 hours to visit her doctor and get the prescription filled. The opportunity cost of her time is $50/ hour.If she contracts malaria we assume that she will be sick for two weeks and unable to work. Expenses for medication, doctors’ visits, and lab tests to treat the malaria will be $1500. She will lose wages and benefits of $1000 for each week she is away from work. Assume the cost of the pain and suffering is $2000.Mary believes that her chance of getting malaria without preventative medicine is about one in 10. What is the maximum price that Mary would pay if insurance covered the full cost of treatment if she got malaria?
During the financial crisis of 2007-2009, and the following steep rise in unemployment a national debate erupted about the need
During the financial crisis of 2007-2009, and the following steep rise in unemployment a national debate erupted about the need to increase the duration ofunemployment benefits from 26 weeks of eligibility to 73 weeks of eligibility.Imagine that you are in the middle of this debate. You have seen the unemployment ratedouble in about a year and a half, and you read that millions of Americans are out ofwork. Why would an argument in favor of or against raising the duration ofunemployment benefits be necessary to evaluate? Begin your answer by stating, “I believe thatunemployment benefits should/should not be extended because…”
Draw isoquants and Isocosts curves and derive the long-run total cost function TC = C(q) for the followings: a) When
Draw isoquants and Isocosts curves and derive the long-run total cost function TC = C(q) for the followings: a) When capital and labor are perfect substitutes resulting in a production function of q = K L, and the wage rate is w, and the rental rate on capital is r. b) When capital and labor are perfect complements resulting in a production function of q =min(K, L) and the wage rate is w, and the rental rate on capital is r. Properly label your graphs and mark intercepts and slopes in terms of parameters (L, K, w, r, q).
You have assumed a position in which the collective bargaining agreement has already been ratified. What is the economic impact
You have assumed a position in which the collective bargaining agreement has already been ratified. What is the economic impact of the following facts?173 WorkersCurrent Wages $12.00 with base rate adjustment to $15.00 to be followed by 5% increase per year for the next 5 years.Total health care package being covered by company which equates to 38% of the wage for 173 workers.The company is required to cover the standard mandatory benefits of Social Security and Workers Compensation.The company has agreed to open a fitness facility for workers to be staffed with professionals to the expected cost of $1.75 million per year.
Price($ per cup) Quantity demanded Quantity supplied $1 130 10$2 110 20$3 90 30$4 70 40$5 50 50$6 30 60$7
Price($ per cup) Quantity demanded Quantity supplied $1 130 10$2 110 20$3 90 30$4 70 40$5 50 50$6 30 60$7 10 70$8 0 80If there is no tax on coffee, what is the price and how much coffee is consumed.? What is the consumer surplus ? Show your calculations.What is the price elasticity of demand when the price goes from $4 to $5? Is the demand for coffee elastic or inelastic? Explain

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