The Top Notch Grill’s marginal costs of producing take-out meals are described below. a. Assuming that the Grill has fixed costs of $7, what is its total cost at each level of production? (Add a column to the table.) b. Assume that meals sell for $10 each and the Grill is a perfectly competitive firm. […]
Suppose a firm that manufactures bicycles has the following cost structure: a. How mu does this firm have in fixed costs? b. Using graph paper or a computer program, graph the total cost curve for this firm. Suppose that bicycles sell for $200 each, and the firm is a price taker. Create a table showing […]
Suppose that a perfectly competitive firm manufactures gizmos with the following cost structure (including all opportunity costs): a. Calculate the marginal cost schedule for this firm in a table, and then graph the marginal cost curve. b. If the price of gizmos on the market is $175 each, how many gizmos should the firm produce […]
Suppose that a seller in a duopoly needs to decide whether to spend a lot or a little on advertising. Assume that the consumers are already reasonably well informed about the product, so the purpose of a lot of advertising is to draw customers away from the rival. How could the payoffs from this situation […]
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