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The price in a market is dominated by two firm is affected by the quantities supplied by both firms, Q1 and Q2: P = 120 - (Q1 + Q2). The marginal cost for the two firm is identical and constant and equal to 20.
a. Derive the equations for total revenue for the two firms.
b. Compute the profit-maximizing levels of output and prices for the firms.
c. Compute the profit-maximizing level of output and price for the industry if the duopolists merged and formed a monopoly.
Now the gov decided to pass a law that the cost to rent should not exceed $375 per apartment. In order to minimize the damage such a law will have on apartment owners, the government decided to allow landlords to force.
Given below are the cost schedules for a perfectly competitive firm. Average Average Variable Total Marginal Quantity Cost Cost Cost 1 $ 50 $ 90 $ 50 2 45 65 40 3 40 53 30 4 35 45 20 5 34 42 30 6 35 41 40 7 37 43 50 8 40 45 60
Mr. Consumer has an income of $100, and his utility is unaffected by the seasons. In January, he spends his whole income on two goods, Food and Clothing. The price of food is $2 and the price of clothing is $1 in January.
Suppose Springfield's economy moves into a recession and Y falls to $9 and rising unemployment allows widget makers to reduce wages to $18 per hour. What happens to the supply and demand curves.
The ABC Company deposited $100 000 in a bank account on June 15 and withdrew a total of $115 000 exactly one year later. Compute: (a) the interest which the ABC Company received from the $100 000 investment, and (b) the annual interest rate which ..
Treating the marginal cost curve as the "supply curve" and using the given demand curve, what price and quantity would a competitive market give. Now, calculate the price and quantity for the monopolist.
calculate the opportunity cost for chris, andrew and stuart if they have to opt between travelling by bus, at 3 hours for $20 OR PLANE FOR $100 IN 30 MINUTES, onsidering that each earn $12, $5 and $10 an hour
Suppose that the federal government's annual budget deficit is $250 billion and that the Fed's holdings of government securities increase by $10 billion over the year. How much of the deficit was monetized
Calculate the total effect on welfare of a tariff of 5 per unit levied on imports. Calculate the total effect of a production subsidy of 5 per unit. Why does the production subsidy produce a greater gain in welfare than the tariff? What would the opt..
By October 15, 2001, the britannica.com site cited a list-price of $59.95 (only $49.95 after mail-in rebate) for Encyclopedia Britannica 2002 Deluxe Edition CD-ROM. The thirty-two volume set still sells for a hefty $1,295. in turn, charges $74.95 ..
Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. ..
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150+28Q-5Q(squared) and C(Q)=100+8Q. (Note:MB(Q)=28-10Q and MC(Q)=8.) a. write out the equation for net benefits.
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