Jorge owns a small coffee shop. The market in which Jorge’s business operates is perfectly competitive,...
Jorge owns a small coffee shop. The market in which Jorge’s business operates is perfectly competitive, and the market price of a cup of coffee is $2. Jorge’s cost function is TC=0.01q^2+q+5 and his marginal cost is MC=0.02q+1
How many cups of coffee should Jorge produce to maximize his profit?
What will be Jorge’s maximum profit?
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Jorge owns a small coffee shop. The market in which Jorge’s
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2. Mark's Gutters Washing Service is a small business that operates in the perfectly competitive residential gutters washing industry in Starkville. The short- run total cost of production is STC(Q) - 10.5 + 3Q + 0.5Q?, where Q is the number of gutters cleaned per day. The prevailing market price is $ 16 per gutter. How many gutter should Mark wash to maximize profit? What is Mark's maximum daily profit?
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Areandina's Coffee Shop hires workers to make their latté coffees. The market for latté coffee is...
Areandina's Coffee Shop hires workers to make their latté coffees. The market for latté coffee is perfectly competitive, and latté coffees sell for $4.00 each. The labour market is competitive, and the wage rate is $40 per day. Table 1 shows the workers' total product, TP. Workers 1 2 3 4 5 6 Latté Coffees produced per day 7 21 33 43 51 55 Table 1 a) Calculate the marginal product of hiring the fourth worker. b) Calculate the value...
Areandina's Coffee Shop hires workers to make their latté coffees. The market for latté coffee is...
Areandina's Coffee Shop hires workers to make their latté coffees. The market for latté coffee is perfectly competitive, and latté coffees sell for $4.00 each. The labour market is competitive, and the wage rate is $40 per day. Table 1 shows the workers' total product, TP. Workers 1 2 3 4 5 6 Latté Coffees produced per day 7 21 33 43 51 55 Table 1 a) Calculate the marginal product of hiring the fourth worker. I b) Calculate the...
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a firm in perfectly competitive market sells all its products
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2. Mark's Gutters Washing Service is a small business that operates in the perfectly competitive residential gutters washing industry in Starkville. The short- run total cost of production is STC(Q) - 10.5 + 3Q + 0.5Q?, where Q is the number of gutters cleaned per day. The prevailing market price is $ 16 per gutter. How many gutter should Mark wash to maximize profit? What is Mark's maximum daily profit?
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Areandina's Coffee Shop hires workers to make their latté coffees. The market for latté coffee is perfectly competitive, and latté coffees sell for $4.00 each. The labour market is competitive, and the wage rate is $40 per day. Table 1 shows the workers' total product, TP. Workers 1 2 3 4 5 6 Latté Coffees produced per day 7 21 33 43 51 55 Table 1 a) Calculate the marginal product of hiring the fourth worker. b) Calculate the value...
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