Ben and jerry are managers at the company, and they have this discussion: ben: we should produce 4,000 lamps per month because that will minimize our average costs. jerry: but shouldn't we maximize profits rather than minimize costs? to maximize profits, don't we need to take demand into account? ben: don't worry. by minimizing average costs, we will be maximizing profits. demand will determine how high the price we can charge will be, but it won't affect our profit-maximizing quantity. evaluate the discussion between the two managers. ben's assertion that the firm should produce the quantity of lamps where average costs are minimized is

Factors like the unemployment rate,the stock market,global trade,economic policy,and the economic situation of other countries have no influence on the financial status of individuals. true or false

Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is identical. there is a fixed cost of $1,000 to put on a concert, but there are essentially no variable costs. for each concert: i. there are 140 students willing to pay $20. (ii) there are 200 staff members willing to pay $35. (iii) there are 100 faculty members willing to pay $50. a) if the performing arts center can charge only one price, what price should it charge? what are profits at this price? b) if the performing arts center can price discriminate and charge two prices, one for students and another for faculty/staff, what are its profits? c) if the performing arts center can perfectly price discriminate and charge students, staff, and faculty three separate prices, what are its profits?

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.