choose the the right answer: a) 80b) 60c) 120d) 100 Suppose that a perfectly competitive firm's fixed cost is 100 and all of this fixed costis a sunk cost. Its average variable cost is 3q/2. Suppose also that the firm's optimumoutput is 30 and the market demand is Q=2490-P. Find the number of firmsoperating in the short run.

A perfectly competitive market is the market in which there are a large number of buyers and sellers…

Answered: Suppose that a perfectly competitive…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 4 If P(A)=1, then it means that event A will never happen will possibly happen sometime will happen for sure
A clothing store and a jeweler are located side by side in a shopping mall. If the clothing store spend C dollars on advertising and the jeweler spends J dollars on advertising, then the profits of the clothing store will be (36 + J )C - 2C 2 and the profits of the jeweler will be (30 + C )J - 2J 2. The clothing store gets to choose its amount of advertising first, knowing that the jeweler will find out how much the clothing store advertised before deciding how much to spend. The amount spent by the clothing store will be Group of answer choices $17. $34. $51. $8.50. $25.50.
(c) The price of a 14 oz cup of coffee in Sunshine cafés is a random variable C with an expected value of $3.00 and a standard deviation of $1. At any given shop, the price doesn't vary, but it varies independently across shops. Tomorrow morning, you plan to buy two 14 oz cups of coffee from the same shop while your friend plans on buying two from two different shops. (i) How much do you expect to spend on coffee tomorrow and with what standard deviation? (ii) How much do you expect your friend to spend and with what standard deviation? (iii) Who do you think has a better idea and why?
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The city council is to decide on a proposal to raise property taxes. Suppose Ms. Tuttle is the chair and the council’s other two members are Mr. Jones and Mrs. Doubtfire. The voting procedure works as follows: Excluding the chair, Mr. Jones and Mrs. Doubtfire simultaneously write down their votes on slips of paper. Each writes either for or against the tax increase. The secretary of the city council then opens the slips of paper and announces the vote tally. If the secretary reports that both slips say for, then the tax increase is implemented and the game is over. If both vote against, then the tax increase is not implemented and, again, the game is over. However, if it is reported that the vote is one for and one against, then Ms. Tuttle has to vote. If she votes for, then the tax increase is implemented, and if she votes against, then it is not. In both cases, the game is then over. As to payoffs, if the tax increase is implemented, then Mrs. Doubtfire and Mr. Jones each receive a…
in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working!!!!!!!
Please answer the question Minimum 150 words How is it possible to measure the risk and consider the tradeoff risk return? (Time value of money)
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Two countries trade with each other. The one country (Petro), has a comparative advantage i the production of oil; the other (Sucre) in the production of sugar. Both countries are big on world market for these goods. The world market price of oil is 90 dollars per unit (per barrel): for sugar it is 2 dollars per kg. Evaluate the following statements (each statement separately), they are true or false? In subtasks 3b and 3c, you must illustrate what happens on the world market (in task 3a, you must not use any figure). 3a With the given relative prices, Sucre's exchange ratio is 90/2, ie 45 kg of sugar per barrel of oil. 3 3b trade ratio to deteriorate. (Figure required) If Sucre discovers large oil deposits that it can exploit, its time will come 3c If a large percentage of the world's population reduces their sugar consumption due to its harmful health effects improve Petro's metabolic rate. (Figure required)
1. Bothers John and Jason Rogers are trying to establish Illinois RiverHawk Floats to offer rafts for customers to float the Illinois River. 50 rafts are leased from a supplier for a monthly (30 days) cost of $415 per raft. The rafts are rented to customers for $25 per day. Customer demand follows a normal distribution, with a mean of 50 rafts and standard deviation of 8.5 rafts. (Make all demands integers in the model). If all 50 rafts are rented out, customers are referred to another outfitter who has a working relationship with the brothers. a. Set up the model and simulate a month (30 days) of operation to calculate the total monthly profit b. Replicate the simulation for 5 months (the expected float season) and determine the average total monthly profit. Note: this does not mean make 5 copies of the model. Run it 5 times, record and use the results appropriately.

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Suppose that a perfectly competitive firm's fixed cost is 100 and all of this fixed cost is a sunk cost. Its average variable cost is 3q/2. Suppose also that the firm's optimum output is 30 and the market demand is Q=2490-P. Find the number of firms operating in the short run.