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Suppose a firm’s total cost is given by TC = 210+10Q+3Q2, and its marginal cost is given by MC = 10+6Q. It operates in a perfectly competitive market where the price per unit of output is $100. What value of Q maximizes the firm’s profits?

Suppose a perfectly competitive industry has 200 firms, and the short-run supply curve for each firm is given by Q = 4P. What is the short-run industry supply curve?

Use figure 10.7 to answer the following question: Figure 10.7 Suppose a firm has two types of customers but cannot tell which type of buyer the customer is before a purchase is made. If the firm wanted to use quantity discounting, it should charge _____ per unit for any quantity purchased or _____.

Suppose that a monopolist experiences an increase in its marginal cost. Then, we expect that the equilibrium price ____ and the equilibrium quantity ____.

In a perfectly competitive industry, the equilibrium price is $10, and the minimum average total cost of the industry’s firms is $20. If this is a constant-cost industry, we can expect that in the long run, firms will ___ the market, shifting the industry’s short-run supply curve ___.

An infant who had been diagnosed with myelomeningocele prior to birth is born via C-section, admitted to the NICU, placed on his abdomen and a sterile, saline-soaked dressing applied.  Which of the following nursing interventions would the nurse expect to implement?  [expected1] or [unexpected2]?

The purchase price for Stata version 12 (statistical software used by many economists) is $895. For users of Stata version 11, the price to upgrade to version 12 is $395. Which of the following statements is TRUE?

A firm’s demand curve is given by Q = 50–P. What is the firm’s corresponding marginal revenue curve?

James, who owns a pet supplies store, knows the following about his business: Future operating revenues = $35 millionFuture operating costs = $20 millionSunk costs = $40 million Should the pet supplies store stay open or shut down permanently?

When a firm has market power, the market equilibrium is characterized by