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Look at the able Demand Schedule for Gadgets. The market for gadgets consits of two producers, Margaret and Ray. Each firm can produce gadgets with no marginal cost or fixed cost. If these two producers formed a cartel and acted to maximize total industry profits, total industry outpu would be___and the price would be___
Price of a Gadget Quantity of Gadgets Demanded
$10 0
9 100
8 200
7 300
6 400
5 500
4 600
3 700
2 800
1 900
0 1,000
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Suppose that the monthly demand function of a particular commodity is given by P= 200 -0.4x and the supply function is P = 0.2x + 80 where x is the number of units demanded and supplied and P is in pesos. Determine the equilibrium prics and quantity
It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this?
sales in joint facilities are lower than sales in two separate facilities. Elucidate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
A renewable natural resource is one that can't be used without reducing the stock of the resource for subsequent use. An exhaustible natural resource is often managed in a manner that makes some of it available for future use. Oil and coal are renewa..
Supply-side economics advocates
In letters between the two, Rita Borelli contracted to sell “my car” to Viola Smith for $2,000. It was later shown that Borelli owned two cars. She refused to deliver either car to Smith, and Smith sued Borelli for breach of contract. Borelli raised ..
Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated?
q1. the country of numidia does not trade with any other country. its gdp is 20 billion. its government collects 4
A system of deposit insurance:
Unlike train and bus travel, there are no discount for students or retired people for airline tickets. Why airline companies do not give discount to students? As a student with low income, what are your strategies to find the cheapest ticket based on..
The production function of a firm is given in the table below.
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