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Suppose that the (inverse) demand curve for Cranberries is given by P = 40 - 6Q and TC = $4Q + $3Q2
a. What are four conditions required for a competitive market?
b. What is equilibrium Price and Quantity and Profit if the market is competitive?
c. What is equilibrium Price and Quantity and Profit if there are two firms in the market (note Q = q1 + q2)?
d. What is equilibrium Price and Quantity and Profit if there are monopoly in the market (note Q = Q)?
e. If there were 3 firms, where do you estimate the output and the price would be-this does not require a mathematical calculation-it is based on the expectations created by the prior three answers (1-b, 1-c, and 1-d).
Consider a firm whose competitive advantage is built almost entirely on its ability to achieve economies of scale in producing small electric motors
The inverse demand in a Cournot dupoly is P=a-b(Q1+Q2) and costs are c1(Q1)=c1Q1,and C2(Q2)=c2Q2. The government has imposed a per unit tax of $t on each unit sold by each firm. The tax revue is ?
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Assume instead that the government had given the individual $100 in cash. Draw the new budget constrain..
Explain how much of the tax will the sellers pay. How much will the buyer pay for the product after the tax is imposed.
Consider a nation where the inflation rate is currently 2% and bonds earn real interest of 3%. Calculate the cost of holding money (as opposed to bonds). Express your answer "as a percent, but without the percentage sign." Follow all numeric instruct..
What three conditions must hold for a firm to successfully price discriminate? What is the difference between price discrimination and other forms of discrimination? In your opinion, is price discrimination bad?
Assume an economy with an aggregate production function of the form Y = 1.5K. If the nation’s population grows at 5%, the rate of depreciation is 3%, and the savings rate is 8%, what is the steady-state output per capita level?
a. Construct the probability distribution for X. Construct the corresponding probability histogram. (How do I get probability of each one?)
The marginal cost is constant and equal to 40, so variable cost is 40Q. The fixed cost is 90,000. Find the monopolist's profit-maximizing quantity.
Suppose the tax rate is 10% on the first $20,000 of taxable income, then 25% on the next $30,000, then 50% on all taxable income above $50,000. The government also provides a $4,000 exemption per family member. (a) Ben’s family has three members and ..
Marriott Hotel write an internal corporate memorandum (business memo) to the General Managers of the individual hotels in the company (or Hotel Managers You should inform them in a convincing way that all units company-wide and world-wide are to star..
Based on the population classifications we discussed relating to the labor force and unemployment, determine whether each of the following statements is true or false.
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