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The cost functions of a competitive firm are: TC = 40 + 2.5Q^2 where TC is total cost and marginal cost and q is the firm's total output. The marginal cost function is MC = 5Q. There are currently 200 identical firms in the industry. (NOTE: All firms produce exactly the same product.) The demand function is P = 1600/Q, where P is the price per unit and Q is the aggregate quantity demanded.
a. Find out the market equilibrium price and quantity. Explain.
b. Compute the profit of a firm at the point of equilibrium. Is this longrun equilibrium? Explain.
c. A new regulation requires each firm to pay an annual license fee of $22.50. Find the market equilibrium price and quantity after the implementation of tax. (In your answer distinguish between the short-run and long-run equilibrium.) Explain.
d. Suppose that instead of an annual fee, the government imposes a tax on the consumption of this product. The tax is $t per unit. Show graphically the market equilibrium price and quantity after the implementation of the tax. Explain.
Austria has a history of strong hostility to nuclear power, and over the last twenty years the Austrians have shut down all of the reactors in Austria
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Calculate the firm's optimal output and profits if prices rise to $65 per unit and also calculate equilibrium output, price and profit levels if the firm is typical in its industry.
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Compute the aggregate demand curve and aggregate supply curve that would maintain the state of economy in less than full-employment level of real GDP.
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That term would be most closely associated with the latest also better goods also services also latest also better ways of producing
The data-plotting tool will automatically connect the points with a line.
In 1990, the Supreme Court of the United States found which Texaco had indeed violated antitrust law. Which law do you think Texaco was found guilty of violating.
Elucidate why or elucidate why not. Does it matter whether the inflation is expected or unexpected.
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