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(i) A competitive firm's total cost function is given by
TC = .25Q2 + 25 (With MC = .5Q).
The firm faces a market price of $15. Algebraically calculate the profit maximizing output and the level of optimal profit for the firm.
(ii) Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Do you see any change from your answer to (i) above? Explain why or why not.
Write a 700- to 1,050-word paper in APA format describing the effects of taxation and price controls on the economy.
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What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
Social Dynamo Corporation earned profits last year of $49 million on sales of $500 million. During the same period, its major competitor - EIO Corp.- enjoyed sales of $490 million and earned profits of $52 million.
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
Maggie's utility function is and her income is $5000. Then her MRS at generic bundle (x1, x2) is 50-0.25x1. Commodity 2 is a composite good, and hence its price is unity.
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
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