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Suppose that the supply curve (private marginal cost) for a manufactured good is given by QS = 2P ? 2 and that the demand for the product is given by QD = 10 ? 2P.
a. Find the price and quantity in market equilibrium.
b. Suppose there is a negative externality associated with production, with damages given by MD = Q. What is the optimal quantity of Q for society to produce and consume? How much higher or lower is this than the market equilibrium quantity?
c. If society allows the market outcome (as opposed to requiring the optimal Q) how much loss is there in total social welfare?
d. Suppose we instead impose a policy that limits production of Q to a maximum of 3 units.
Suppose your supervisor has been asked many questions about how economy works and why the idea of limited resources is such a major concern in today's economy.
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Assuming that input prices do not vary with the level of output, does this production function display economies of scale? b.The firm is producing in the short run with capital fixed at 9 units. The fixed costs of the firm are $1000 in the short ru..
think of two examples of pure monopoly in the real world-one of a public good and one of a private good. then with
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Define marginal revenue. How is it calculated? Why is marginal revenue constant and equal to price under perfect competition?
john davis a recent ie graduate from tennessee technological university bought an suv for 30000 with a down payment of
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