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The office-cleaning market is perfectly competitive. Consider a typical off-cleaning firm that currently faces $24 in fixed costs and an $8 hourly wage for workers. The price the firm gets for each office cleaned is $56 at the present market price. The production function of the firm is show: number of offices cleaned / hours of work 0 / 0 1 / 5 2 / 9 3 / 15 4 / 22 5 / 30
a. Compute the marginal cost & average total cost for each output level for the typical firm.
b. How many offices are cleaned by the typical firm at the present market price? What are the firm's profits at this price?
c. Is the industry in long-run equilibrium? explain.
d. What is the long-run equilibrium price level? How many offices are cleaned by the typical firm in long-run equilibrium?
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In 2008, the per capita consumption of coffee in the United States was reported to be 4.2 kg, or 9.24 pounds. Assume that the per capita consumption of coffee in the United States is approxi- mately distributed as a normal random variable.
Estimate the regression equation of wage on educ. Write down formally the regression equation with standard errors underneath within parenthesis.
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suzie purchases two goods- food and clothing. she has a utility function u9x,y0 x*y where x denotes the amount of food consumed and y the amount of cloting. the marginal utilites for this utility function are MUx=y and MUy=x she has income of M do..
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Sally, a college student at UConn, earns $10 per hour working at Friendly's. Her parents also give her $100 per week to help with expenses. Lately, Sally's parents have been concerned about her grades and want her to spend less time at work and mo..
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