4 economics questions

1. Just answers the 4 questions below using some economic concepts. Choose an occupation that you are interested in and research what the average salary is for someone employed in that field. Using what you have learned in this chapter about the determination of wages, justify why someone in this position would be paid the wage that they are paid. Please do not use the example for the questions below, use something else. 2. Please give comment and what you think??? The occupation I have chosen for this discussion forum is that of a Management Consultant. I found some very good information on the U.S. Department of Labor website (Bureau of Labor Statistics) which gave a comprehensive o... click for more

econ question

Choose an occupation that you are interested in and research what the average salary is for someone employed in that field. Using some economic concepts and the determination of wages, justify why someone in this position would be paid the wage that they are paid.

How to find the monopoly price and quantity if P = 800 - 5Q and MC = 15Q?

How to find the monopoly price and quantity if P = 800 - 5Q and MC = 15Q?

Follow-up question regarding solving for price and quantity

For monopoly set the price when MC=MR For calculating MR first write the equation for total revenue (TR) TR=P*Q = (800-5Q)*Q --------(1) Differentiate (1) w.r.t. Q to get MR MR=dTR/dQ = 800 - 10Q----------(2) MC = 15Q Equate MC and MR, we get Q = 32 Put this in equation for P to calculate P, P=640 The above response was very helpful, however I am still having trouble figuring out the precise method used for solving for Q. What is the formula used to equate MC and MR?

Solving for price & quantity with perfect competition

If P=800-5Q and MC=15Q - how do I determine P & Q under perfect competition? Thank you