Suppose that the competitive firms are facing the following cost function and revenue function, C = 14 + 2 , revenue function: R = 20 − 2 (i) Find profit function (4) (ii) Find marginal cost function. (3) (iii) Find marginal revenue function ( 3) ( iv) Find output (q) that maximize profit. (3) (v) Find total profit

All of the industries and businesses in the country of marksenia are privately owned and sell products at different prices that are not controlled by the government or any other organizational body. consumers in marksenia are free to buy as much of the products as they like from the businesses they want. the country of marksenia has a

Suppose general motors demands labor according to the labor demand function 푤푤= 40−0. 5퐸퐸, where 푤푤 is the hourly wage and 퐸퐸 is the number of employees. the united auto workers union has a utility function given by 푈푈=푊푊∗퐸퐸. a. in 1984, the united auto workers union started negotiations with general motors by assuming that they were a monopoly union. find the wage and employment demands that the united auto workers union would have demanded before any bargaining began. b. if general motors and the united auto workers union both had excellent bargaining representatives, would this be the final labor contract? if not, then explain in words and graphically where they would end up after the bargaining process.

In microeconomics, the point at which supply and demand meet is called the blank price