Suppose you are running a business and incur the following monthly expenses: labor costs are $80,000; raw materials and business supplies are 30,000; equipment leasing expenses are $7,000; finance charges on loans are $3,000. You are not paying rent, because you own the building in which you operate the business. If you had rented it out, however, you would have received $12,000 in rent income. You also estimate the value of your own time to equal $40,000. If the total revenue is $500,000, Compute your economic and accounting profit?
Explain the scope of Managerial Economics.
If the demand function for an industry is
D = 500 - .01Q and its supply function is 5 + .04Q, what will be its competitive equilibrium output and price levels?
Suppose that a firmβs profit function is given by the following relationship: Ο = -25 + 100Q1 + 95Q2 β 10Q12 β 5Q22 β 5Q1Q2 Where Q1 and Q2 are the respective quantities of the two products that the firm manufactures and sells.
Determine:
a. the values of Q1 and Q2 that maximize Ο
b. the maximum value of Ο
β
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Suppose you are running a business and incur the following monthly expenses: labor costs are $80,000...
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