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Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. The equilibrium price is:a $35.b $40.c $50.d $60.
All firms in the industry have identical technology and face the same cost curve: C(Q) = 500 + 10Q + 0.5Q2 . There are 10 firms in the industry.
Suppose that the American imports of wine are a small part of total world wine production, draw a graph for the United States market for wine under free trade.
Suppose the price of c increases to 2, while income remains constant and what happens to the consumption of c and h? Are c and h substitute goods, complementary goods, or neither?
"Monopolies are very efficient." Do you agree or disagree? Provide justification for our response.
Find the revenue earned by each bakery. From that revenue subtract the bakery's variable cost and compute the firm's short run economic profit.
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
You've been asked to apply your decision-making skills and analysis to the merchandising of JMI's travel product stores. Much of the floor display space is taken up by innovations department. Describe the type of accounting quantitative data you wi..
The queue length and waiting time for clients including and excluding the service time and the probability that there will be more than 2 customers waiting
Economic incentives were at heart of westward expansion across North America in late 18th centuries, so let us apply some economic analysis to the condition.
Describe how a firm's microenvironment can determine how profitable it will be? Provide examples of organizations as well as aspects of their microenvironment which have hindered or benefitted growth.
What is the long-run equilibrium market price and quantity and what is the long-run number of firms in the industry? How much does each produce? What are their profits?
A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes.
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