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Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is P...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is Pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) = 4s+2d (e) If p, 1.5, what is the long run minimized cost? (2 points)
3. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The...
3. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) 4s+2d (a) Suppose the delivery of sunflowers is delayed and are stuck with a certain number of sunflowers. In particular, they have s 40 sunflowers. Setup the short...
1. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The...
1. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is p, and the cost for a daisy is pd. The quantity of bouquets is g. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s.d) = 2s +50 (a) Suppose the delivery of sunflowers is delayed and are stuck with a certain number of sunflowers. In particular, they have 5 = 10 sunflowers....
Consider the cost function C(Q) = 400 + 0.5Q2 for RussCo to produce its new Phone....
Consider the cost function C(Q) = 400 + 0.5Q2 for RussCo to produce its new Phone. Using that cost function for the Phone, determine the profit-maximizing output, price and profit (or loss) for the RussCo Phone, and discuss its long-run implications, under three alternative scenarios: a. RussCo Phone is a perfect substitute with a similar product offered by Apple, Samsung and several other Phones that have similar cost functions and that currently sell for $400 each. b. RussCo Phone has...
1.Consider an industry with only two firms that produce identical products. Each of the firms only...
1.Consider an industry with only two firms that produce identical products. Each of the firms only incurs a fixed cost of $1000 to produce and marginal cost is 20. The market demand function is as follows: Q=q1+q2=400-P a. Assuming that the firms form a cartel, calculate the profit-maximizing quantity of output, price and profits b. If the firms choose to behave as in the Cournot model, what would be the profit- maximizing quantities of output, price and profits? c. if...
Consider a market that faces the following market supply and demand functions Q^S = −2 +...
Consider a market that faces the following market supply and demand functions Q^S = −2 + 2p Q^D = 16 − p where identical firms face the total cost function of T C = 8 + 3q + 1/2q^2 a) What is the market price? b) Derive the average variable cost, average total cost, and marginal cost functions. c) In the short run, how much does each firm produce? d) In the short run, how much economic profit or loss...
4. Profit maximization in the cost-curve diagram Aa Aa Consider a perfectly competitive market for teddy...
4. Profit maximization in the cost-curve diagram Aa Aa Consider a perfectly competitive market for teddy bears. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per bear) 20 Profit or Loss MC 16 ATC 12 AVC 8 4 010 20 30 40 50 60 OUTPUT (Thousands of bears) Help Clear ALL In the short run, at a market price of $18 per bear, this firm will choose to produce bears per...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
Consider a firm facing market demand qa p with a > 0; its cost of production c0 (a)(2pt] Find the optimal price...
Consider a firm facing market demand qa p with a > 0; its cost of production c0 (a)(2pt] Find the optimal price p for this firm. In the questions below, consider only pure strategies Assume next for the questions that follow below that there are two firms, each with zero cost of production, who together face the market demand q 1 p. Firm l supplies the quantity q1 to the market. After observing this quantity, Firm 2 sets the price...
cardboard boxes are produced in a perfectly competitive market. each identical firm has a short run...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is Pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) = 4s+2d (e) If p, 1.5, what is the long run minimized cost? (2 points)
3. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) 4s+2d (a) Suppose the delivery of sunflowers is delayed and are stuck with a certain number of sunflowers. In particular, they have s 40 sunflowers. Setup the short...
1. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is p, and the cost for a daisy is pd. The quantity of bouquets is g. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s.d) = 2s +50 (a) Suppose the delivery of sunflowers is delayed and are stuck with a certain number of sunflowers. In particular, they have 5 = 10 sunflowers....
4. Profit maximization in the cost-curve diagram Aa Aa Consider a perfectly competitive market for teddy bears. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per bear) 20 Profit or Loss MC 16 ATC 12 AVC 8 4 010 20 30 40 50 60 OUTPUT (Thousands of bears) Help Clear ALL In the short run, at a market price of $18 per bear, this firm will choose to produce bears per...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
Consider a firm facing market demand qa p with a > 0; its cost of production c0 (a)(2pt] Find the optimal price p for this firm. In the questions below, consider only pure strategies Assume next for the questions that follow below that there are two firms, each with zero cost of production, who together face the market demand q 1 p. Firm l supplies the quantity q1 to the market. After observing this quantity, Firm 2 sets the price...
cardboard boxes are produced in a perfectly
competitive market. each identical firm has a short run total cost
curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
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