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ECON 3U03 Chapter Notes -Rstudio

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School
McMaster University
Department
Economics
Course
ECON 3U03
Professor
James Bruce

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Document Summary

Ex 5. 4: wtrans = b0 + b1ln (totexp) + b2age + b3 nk + e. Table 5. 7 wtrans = -0. 0315 + 0. 014 ln (totexp) + . (0. 0322)

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Related Questions

Use the table below to answer the following questions. Table 10 MSC Marginal Private Benefit Output (units) Marginal Social Marginal Social Cost Benefit (dollars) (dollars) 100 3 ] 2 3 4 5 6 32) Refer to Table 10. The table shows marginal private benefit and the marginal social benefit from medical services and the marginal social cost of medical services. If production is left to the 18 private market, the quantity produced is A) 5 units. B) 1 unit 3 units D) 2 units. E) 4 units.

1. Suppose that a monopolistically competitive firm must build a production facility to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has a constant marginal cost, MC = $3. Demand for the product that the firm produces is given by P = 27-3Q.

a) Fill in the table below. If any of your values have decimals, you may round to only one numeral after the decimal (nearest 10th of a dollar).

Output

Price

Total Cost

Average Total Cost

Total Revenue

Profits

1

          

2

          

3

          

4

    

 

    

5

    

7.8

    

6

    

 

    

7

    

6.4

    

8

          

9

    

5.7

    

b) How much output will this firm produce if it maximizes profit?

c) What price should this firm charge if it wants to maximize profit?

Use the table below to answer the following question. Table 7 Bags of Marginal Bottles of Popcorn Utility Pop 120 1 100 80 Marginal Utility 120 70 60 50) Refer to Table 7. What is the total utility if 3 bags of popcorn and 2 bottles of pop are consumed? A) 310 B) 660 C) 100. D) 150 E) 490