The demand for diamonds is given by PZ = 980 – 2QZ where QZ is the number of diamonds demanded if the price is PZ per diamond. The total cost (TCZ) of the De Beers Company (a monopolist) is given by TCZ = 100 + 50QZ + 0.5Q 2 Z where QZ is the number […]
In 1996 dairy farmers, hurt by a decade of low milk prices, began reducing their herds. Subsequently Kenneth Hein, a Wisconsin farmer, said he was getting $16 per 100 pounds of milk, rather than $12, which he had gotten earlier.16 a. Why did the price increase? b. Dairy cattle are often fed corn. When Hein […]
The Hassman Company produces two joint products, X and Y. The isocost curve corresponding to a total cost of $500,000 is QY = 1,000 – 10QX – 5Q 2 X where QY is the quantity of product Y produced by the firm and QX is the quantity of product X produced. The price of product […]
The Morrison Company produces tennis rackets, the marginal cost of a racket being $20. Because there are many substitutes for the firm’s rackets, the price elasticity of demand for its rackets equals about -2. In the relevant range of output, average variable cost is very close to marginal cost. a. The president of the Morrison […]
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