12. How much time should a consumer spend on shopping (researching) for lower prices?
13. For which type of good would you expect consumers to spend more time on comparative shopping, or shopping for lower prices?
Given the following total revenue function:
TR = 9Q-Q2
a. Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s.
Average revenue (AR) = total revenue (TR) / Q
Marginal revenue (MR) = change in total revenue / change in Q
For example Q TR AR MR
2 14 7
3 18 6 4
b. On the same set of axes, plot the total-, average-, and marginal-revenue schedules of part (a).
7. Given the following total cost schedule:
Derive the average- and marginal cost schedules.
9. With the total-revenue schedule of Problem 1 and the total-cost schedule of Problem 7, show the profit-maximizing level of output?
11. Identify the characteristics of the American business model. (b) Based on your understanding, what should be the characteristics the Biblical business model.
This question was answered on: May 23, 2022
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