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In a given marker, demand is described by the equation QD=1800-10P and supply is described by QS=200+10P.
A. Determine the equilibrium price and quantity.
B. Determine the surplus or shortage that would exist if the price was set at $60 by the state.
Assume the players are monopolists, but the teams are competitive in the labor market. Calculate the marginal revenue product of labor (MRPL) and find the equilibrium wage and quantity of labor.Find the equilibrium wage and quantity of labor.
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
A manufacturer producing ball bearings claims that the mean weight of ball bearings produced is 5 ounces. The distribution is known to be normal with standard deviation 0.1 ounces. A random sample of 16 ball bearings is taken and their mean weight..
how many bushels of apples should the farmer produce? If the government imposes a tax on the sellers which results in the sellers receiving $1 less per bushel sold, what amount of apples should the farmer choose to produce?
Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each (a) Compute nominal GDP in ..
a. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit b. Draw the demand curve for labor based on the above data and the $3-per-unit product price c. If the wage rate is $15 per hour, how much lab..
The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned-ride snowmobiles. The model specifies that sales S vary jointly with disposable personal income Y and the population between ages 15 and 4..
Suppose there are two firms in a market who each simultaneously choose a quantity. Firm 1's quantity is q1, and firm 2's quantity is q2. Therefore the market quantity is Q = q1 + q2. The market demand curve is given by P = 60 - 4Q.
You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 - 4P and C(Q) = 124 - 16Q + Q2. a. Find the inverse demand function for your firm's product. P = - Q b. Determine the profit-maxi..
Rubax, a United States producer of athletic shoes, estimates the following linear trend model for shoe sales:
For an asset that fits into the MACRS "all property not assigned to another class" designation, what is the book value at the end of year 7 for the asset Assume the asset has a 10-year life of use and that the cost basis for the asset is $10,000.
Suppose the price of labor is w=36 and price of capital is r=64. Graph the isoquant associated with 12 units of output, and on the same graph, graph the isocost line associate with producing 12 units of output when the firm minimizes the cost of p..
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