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Assume that the price of silk ties in a perfectly competitive market is $17 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total Cost 17 24 33 44 57 72 89 108 129 152 177
a) What is the profit-maximizing rate of output for the firm?
b) How much profit does the firm earn at that rate of output?
c) If the price of ties fell to $11, how many ties should the firm produce? ties/day
d) At what price should the firm shut down?
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
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Gillette's shareholders, Chairman and CEO James Kilts indicated, "Despite several new product launches, Gillette's advertising-to-sales declined dramatically . . . to 5.5 percent last year. Gillette's advertising spending, in fact, is one of the l..
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FULL karma for complete and clear response. 1. Under what conditions are the Cournot and Bertrand equilibria the same 2. What happens to price and output in the Cournot, Bertrand and Stackelberg models if marginal costs increase by 10 percent
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
Calculate the unemployment and labour force participation rates in 2014 and in 2015 and what challenges would face the Greek government if they wanted to undertake fiscal policy to address the problems described in b?
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