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- Aji Fatou owns a rental space in New York and is thinking of opening a restaurant in that space. The total cost of operating the restaurant is C(Q) = 20Q, where Q is the number of customers at the restaurant in a day. The market demand for restaurants is Q = 100 - p. Aji Fatou has the option of leasing out this space instead of opening a restaurant. The market rent for her property is $600. If Aji Fatou is operating as a perfectly competitive firm. What is Aji Fatou's Accounting profit (please put your answer in numerical value with no dollar sign, comma, or decimal place). Her Economic Profit is (please put your answer in numerical value with no dollar sign, comma, or decimal place). Aji Fatou has maximized the total surplus in this market. (please put your answers as true or false, lower case only)Stutz Department Store will buy 10 pairs of sunglasses if the price is $76 per pair and 30 pairs if the price is $26. The supplier of the sunglasses is willing to provide 35 pairs if the price is $81 per pair but only 5 pairs if the price is $21. Assuming that the supply and demand functions for the sunglasses are linear, find the market equilibrium point. Suppose that in a certain market the demand function for a product is given by 10p + q = 2,100 and the supply function is given by 50p − q = 1,350. (Assume price is measured in dollars.) If the government levies a tax of $3 per item, find the equilibrium point after the tax is levied. The tax is added to the selling price of the product.Consider a regional with a uniform distribution of population where every household consumes the same amount of a good. The regional government recently stated its policy for the location of factories making the good: “A factory should reach the minimum point of its average production cost curve at an output of 1000 units. Since the total demand for the good is 4000 units, we should have 4 factories in the region. Since the distribution of the population is uniform, the factories should be distributed uniformly throughout the region” Comment on this policy as to in particular whether there should be more or fewer factories for efficiency?
- Take this hypothetical situation: Suppose that the supply side of the market for for electric energy is comprised of two sellers: Seller 1 and Seller 2. Let P be the price of one unit of electric energy, and Q be the quantity of electric energy. Seller 1 owns a hydropower factory with a constant marginal cost of $3 and can produce a maximum of 10 units of electric energy. In addition, the hydropower plant has a requirement of a minimum of 3 units of electric energy. Seller 2 owns a solar factory to produce electric energy. This factory has a constant marginal cost of $5 and can produce a maximum of 5 units of electric energy. With this given information, please sketch the market supply by aggregating the two individual supplies. Please label the graph clearly for slopes, kinks, intercepts, etc.Take this hypothetical situation: Suppose that the supply side of the market for for electric energy is comprised of two sellers: Seller 1 and Seller 2. Let P be the price of one unit of electric energy, and Q be the quantity of electric energy. Seller 1 owns a hydropower factory with a constant marginal cost of $3 and can produce a maximum of 10 units of electric energy. In addition, the hydropower plant has a requirement of a minimum of 3 units of electric energy. Seller 2 owns a solar factory to produce electric energy. This factory has a constant marginal cost of $5 and can produce a maximum of 5 units of electric energy. A) With this given information, please sketch the market supply by aggregating the two individual supplies. Please label the graph clearly for slopes, kinks, intercepts, etc. B) Suppose that the price of geothermal increases. On the graph drawn in part A, show precisely how the supply curve changes. C) Suppose that the price of geothermal increases. In a market…The cost (in dollars) of producing x corkboards is given by x2+20x+500, while the price (in dollars) of each corkboard if there is a demand for x units is given by p(x) = 100 -x. 1. Find the marginal profit producing and selling 15 corkboards. 2. At what production level is the profit at a maximum?
- Compare the firms least-cost rule with how buyers allocate their consumption dollars.A firm produces two goods in quantities x and y. Its cost function is C(x, y) 10x + xy + 10y and the prices P, and Py it can charge are, respectively, Px = 50 – x + y and Py = 50 – x+ y. The firm is committed to delivering a total of 15 units. How much should the firm produce of each good to maximize profits?In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by (p + 1) q + 9 = 810.
- A grocery store has limited shelf space. Every produce line generates a yearly profit per square foot of shelf space. As the shelf space devoted to any item is increases, its marginal benefit (i.e., its addition to total yearly profits) goes down. How many square feet should the store owner devote to each item?Saved From 2010 to 2012, Johnny Deer exclusively grew com. Under the Food, Conservation, and Energy Act of 2008, Deer Multiple Choice was allowed to grow whatever crop he wanted in the next year, but would only receive direct payments from the federal government if the price of com fell below a targeted price had to grow something other than com the next year to qualify for direct payments from the federal government. was required to grow.com in the next year in order to receive direct payments from the federal government was eligible to receive countercyclical payments of the price of com fell below a targeted price, even though he did not grow corn in the next yearSuppose you are an economist working in a watch factory operating in a competitive market. The cost is given by: CT = 200 + Q2, where Q is the level of production and CT is the Total Cost, the CMg (marginal cost) of production is 2Q. The Fixed Cost of production is $ 150. a. If the price of the watches is $ 60. How many watches must they make to maximize profit?b. What would be the level of utility?c. At what minimum price would the company make a positive output?
