Business, 04.04.2021 14:00 andr8aa

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 firm’s profit function is given by the following relationship: π = -25 + 100Q1 + 95Q2 – 10Q12 – 5Q22 – 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 π

b. the maximum value of π

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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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