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Costs. The cost function of a firm is TC = 18 + 0.5Q2 , and the corresponding marginal cost function is MC = Q .
a) Obtain the average variable cost function (AVC) and the average total cost function (ATC) algebraically.
b) Find (algebraically) the points where the MC function intercepts the AVC and the ATC functions. (Hint: at one interception point MC = AVC and at the other MC = ATC)
c) If the price of the good produced by the firm is $3, and it is probably going to remain at the same level for several years: i) should the firm stay in the business until the end of the current period? and
ii) should the firm stay in the business after the current period has ended? Explain.
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An oligopolist, the Bramwell Corporation has estimated its demand function and total cost functions to be as follows: Q=25-0.05p TC+700+200Q
Explain how have they implemented the policy changing the "interest rate", changing the reserve ratio, or open market operations. How has this policy impacted you and/or your company.
Assume that the real risk-free rate, r*, is 4% and that inflation is expected to be 8% in Year 1, 6% in Year 2, and 4% thereafter. Assume also that all Treasury securities are highly liquid and free of default risk. If 2-year and 5-year Treasury note..
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Explain how your answers to Test Yourself Question 5 would differ if each of the assumptions changed. Specifically, what sorts of changes in the assumptions would weaken the effects of monetary policy?
The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food.
Calculate the equilibrium level of income in the economy, and explain why this is the case.
Why is an oligopolist more likely to be able to earn a profit in the long run compared to a monopolistic competitive firm?
A monopolist is in long-run equilibrium and earning economic profits equal $100 million. The government imposes a lump sum tax of $100 million on the monopolist.
Suppose that the government increases taxes and government purchases by equal amounts. What happens to the interest rate and investment in response to this balanced-budget change? Does your answer depend on marginal propensity to consume.
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