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Home / Questions / 1)Suppose you are given the following total cost function: TC = 2000 + 15Q â?? 6Q2 + Q3 , where Q =

1)Suppose you are given the following total cost function: TC = 2000 + 15Q â?? 6Q2 + Q3 , where Q =

1)Suppose you are given the following total cost function: TC = 2000 + 15Q – 6Q2 + Q3 , where Q = units of output:How much is TFC at an output of 2000 units? At 5000 units?How much is AFC at an output of 2000 units? At 5000 units?How much is AVC at an output of 20 units?How much is MC at an output of 20 units?How much is ATC at an output of 20 units?At approximately what output rate is the point of diminishing marginal returns to variable input encountered?At approximately what output rate does diminishing average returns begin?At approximately what rate of output does stage II begin?2) Monopolistic Competition:A) Under what conditions might a firm in a monopolistically competitive market be attracted to a strategy of striving to be the low-cost producer? What strengths do you see in such a competitive approach? What disadvantages might exist?B) What are the pros and cons of employing a differentiation strategy in a monopolistically competitive market? Using examples from both the product and service sectors, describe some of the ways a firm can differentiate its product/service offering from those of its rivals.C) What are the pros and cons of opting for a focus or specialization type of competitive strategy under conditions of monopolistic competition?D) Explain why there is room for different firms to pursue different types of competitive strategies in a monopolistically competitive market3)The Indian economy has evolved into a dynamic and vibrant force with sustained growth ratesof 6-8% for more than a decade. A primary reason for this growth is moving to a market- basedeconomy.A) Give some examples of business practices and problem solving approaches followed in India.B) How should U.S. firms in general adapt to globalization in general and in India, in particular? Give specific examples.C) Using the Porter’s Model describe how American firms can adapt and take advantage of conducting business in a global market environment with specific reference to emerging markets such as China and India.

 

Apr 25 2020 View more View Less

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