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AC=16-Q+4q^2
MC=16-2Q+12Q^2
The firm’s problem is to choose the quantity that maximizes profit, given an exogenous market price P. (b) Does this problem satisfy the global second order condition? For parts (c) and (d), assume that the market price is P=26. (c) Calculate the quantities that satisfy the firm’s first-order condition. Which of these quantities satisfies the local SOC? (d) Calculate the firm’s profit-maximizing quantity. Justify your answer carefully. Calculate the firm’s highest attainable profit. (e) Carefully draw the firm’s supply curve. What is the lowest price at which the firm is willing to produce? You should show the exact coordinates of the supply curve at that price and the exact coordinates of the supply curve at the points where P=10 and P=26. (f) In what circumstances should the firm choose Q=1/10? (g) Calculate the firm’s inverse supply function, for the range of quantities where the firm has diseconomies of scale.
The Dodge City Bank is planning its loans for the next several years, and is using a model of loan demand developed from past experience. Fred Smith is responsible for developing the mortgage loan component of total loan demand.
Who gets scarce resources in a market economy?
Suppose that there are two commodities and a consumer prefers more to less of each good. If the consumer has transitive preferences, can her indifference curves cross?
Amy and Kevin Hall each had an authorized credit card with both of their names on it. Amy and Kevin separated. Kevin called the credit card company and asked that to have the credit card cut off to Amy. The company said that Kevin must return Amy’s c..
If the demand curve is QD = 100 - 10P and there is a $1 price increase, then the elasticity of demand at P = 2 is
Suppose the parameters of the Romer model (the no-capital version) take the following values: A¯ 0 = 100, ¯` = 0.10. ¯z = 1/500, and L¯ = 100. What is the growth rate of output per person in this economy? What is the initial level of output per perso..
q. suppose that a ton of steel currently sells for 2000in united states and for euro2000 in germany. the exchange rate
q1. the city council realizes that the telephone company could curtail pay phone service in response to the ceiling. to
Suppose you contribute $10 per week ($520 per year) into an interest-bearing account that earns 6% a year (compounded once per year). That’s probably one less pizza per week! But if you contribute faithfully each week into this account, how much mone..
The price of oil has fallen into the range of $45-$50 dollars per barrel, down from over $90 per barrel just a few years ago. Explain the likely impact of this price decrease on the market for gasoline and the market for small cars
Show the relationship between total benefits and total costs when a market economy is in general equilibrium. What is meant by "general equilibrium" and how is it different from "partial equilibrium"? How would you characterize capitalism? What philo..
In 2013, approximately 58 percent of the adult population (245million) was employed, the lowest employment rate in 20 years. If the employment rate increased to the Prerecession level of 62 percent, How many more people would be working?
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