Answer:
267 output
Explanation:
The computation of the output produced in the short run is shown below:
As it is given that
AVC i.e average variable cost function = 4.0 - 0.0024Q + 0.000006Q^2
And,
FC i.e fixed cost = $500.
Plus we know that
Total variable cost i.e TVC = AVC × Q i.e Quantity
So,
AVC × Q = TVC
= 4Q - 0.0024Q^2 + 0.000006Q^3
And,
The total cost = Total variable cost + Fixed cost
So,
TC = TVC + FC
= 4Q-.0024Q^2 + .000006Q^3 +$500.
And, the MC i.e marginal cost is
= Total cost ÷ Quantity
MC = 4 - 0.0048Q + 0.000018Q^2
MC = 4
So,
Price = MC i.e 4
4 - .0048Q + .000018Q^2 = 4
So after solving this Q is 266.67 i.e 267 output
okay
Explanation:
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Answer:
d. They do not change the quantity of goods bought or sold in the legal market.
Explanation:
A price refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. The price of goods and services are primarily being set by the seller or service provider.
Price control can be defined as standard restrictions or regulatory conditions that are typically set and enforced by the government of a country.
This ultimately implies that, price controls are used to impose the minimum and maximum prices set by the government, which are to be charged for various goods and services in the market. This minimum price that can be charged such as minimum wage is known as price floor while the maximum price that can be charged such as rent control is known as price ceiling.
A nonbinding price ceiling can be defined as a price that do not have any effect on the price of goods or services in the market.
Hence, an accurate statement about the consequence of nonbinding price ceiling is that they do not change the quantity of goods bought or sold in the legal market.
Answer:
D, Instrumentality
Explanation:
Instrumentality can be defined simply to mean the importance of a person or thing to situations/events.
From the above question, Brent believes in his performance as being great in the restaurant and as such expect that his importance/contribution in the restaurant will be appreciated and noticed enough to expect a salary increase.
Cheers.