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Assume that the total cost function for a single firm in a purely competitive industry is given by the following equation:
TC = $5,625 + $5Q + $0.01Q2
Because this industry is purely competitive in nature, each firm behaves as a price taker and market price is given at $20 per unit (so that P = MR = $20). Finally, assume that each of the 100 firms in the industry are characterized by identical cost functions to the one presented above, and the output in the TC function (Q) represents monthly output by an individual firm.
a)For an individual firm, what is the profit maximizing level of output (Q).
b)At the optimal level of output, what is the monthly profit earned by the typical firm.
c)Given the number of perfectly competitive firms in this market, what is total industry output per month.
Find out the optimal weekly output and price of this firm. Find out the weekly profit from the production and sale of this product.
If the price of manufactured goods rises to $6 bushel (a rise of 50%), the parity price of corn as well rises by 50% - to $4.50 in this hypothetical example.
You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firm's products are viewed as identical by most consumers.
What would this event makes the demand for the dollar to increase or decrease relative to the demand for the pound.
If gross investment is not large enough to replace capital that depreciates in particular year, is net investment greater or less than zero? What happens to our production possibilities?
What happens to his consumption of Y? Calculate the coefficient of price elasticity and of cross price elasticity. Also draw the demand curves for X and Y, noting the equilibrium points for this consumer before and after the price change in X.
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
In which direction with the substitution effect change the firm's employment and capital stock.
Elucidate the tradeoff among current consumption and savings and how this impacts economic growth.
Elucidate the most important economic indicator affecting your organization and explain why.
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