Suppose that the world price of T-shirts is AUD$20 each and Australia has a 30% ad valorem import duty on T-shirts (i. the import duty is 30% of the…October 10, 2020
Tom earns $15 per hour for up to 40 hours of work each week. He is paid $30 per hour for every hour in excess of 40.October 10, 2020
The Deering Manufacturing Company’s short- run average cost function in 2012 was AC = 3 + 4Q Where AC is the
firm’s average cost (in dollars per pound of the product), and Q is its output rate.
a) Obtain an equation for the firm’s short- run total cost function.
b) Does the firm have any fixed costs? Explain.
c) If the price of the Deering Manufacturing Company’s product (per pound) is $3, is the firm making profit or loss? Explain.
d) Derive an equation for the firm’s marginal cost function.
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