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Assume that a purely competitive firm is selling 2000 television sets a day at a cost of $90,000. Assume that if the firm sells 1600 units per day, its total cost would be $60,000, and if it sold 1000 units per day, it would have a total cost of $55,000.
Calculate the average total cost at these different sales levels.
Assuming that the cost structure for every firm in the industry is identical, do you think that the industry could be in long-run equilibrium?
If the industry is perfectly competitive, what would be the long-run equilibrium market price?
If your answer to c is the market price and every firm in the industry is earning a normal profit of 15 percent, calculate what that profit would be.
Apply the formula for the area of a triangle (Area= 1/2 x Base x Height ). What is the dollar value of the total surplus ( producer surplus plus consumer surplus) when the allocatively efficent output level is produced
If the country imposes a specific tariff of t = 0.5 per unit of imported X, what are the equalibrium price, quanitity produced domestically, quantity consumed domestically, and quantity imported? e. Who gains and who loses fro the tariff? Does nati..
Imagine that you are trying to value a particular piece of wilderness that people use for recreational hiking and cycling. While this area has no entrance fee, statistics have been kept on who visits and how frequently they visit the area.
In effect, the CRA and the actions of Fannie Mae and Freddie Mac acted to subsidize home purchases by people who otherwise would not have purchased houses. All subsidies must be financed by taxes, implicit or explicit on someone.
Why do producers have more interest in government regulations than consumers do (a) Compare and contrast the public-interest and special-interest theories of economic regulation. What is the "capture theory" of regulation
The Mining Group Gold process is a team process and meeting management process whose sole purpose is to leverage the combined wisdom, experience, and ideas of everyone on the team in order to cash in on this wisdom to improve the overall meeti..
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. How much revenue will each acre generate? what are the TR and MR for each acre?
Sweetgrass Radiology Labs has a fixed amount of radiology equipment. The laboratory can hire any number of radiology technicians per hour to produce radiographs, which are displayed on a screen.
Our politicians frequently discuss what we need to do with respect to immigration reforms in this country. Some critics, however, suggest that a focus on legal reforms will not impact the situation significantly
Determine what would be present value of an product that has a salvage value of $25,000 at the end of 5-years? Suppose a discount rate of 3.8 percent for an end of year factor.
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