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Suppose that demand for cartel's oil is given by P=50-.1Q where P is the price per barrel and Q is the quantity produced in barrels. If the cartel's aggregate marginal cost is given by MC= 10+0.2Q what is the cartel's profit maximizing price of oil?
Suppose your elasticity of demand for your parking lot spaces is -2, and price is $8 per day. If your MC is zero, and your capacity is 80% full at 9 a.m. over the last month, are you optimizing
Keynes rejected the classical notion of Say's law. He argued that under-spending was very likely. Keynes focused on aggregate demand (total spending) as being the key determinant to the level of macroeconomic activity not aggregate supply which wa..
A sample of 60 individuals, all in reasonably good health, was selected; 20 individuals were residents of Florida, 20 were residents of New York, and 20 were residents of North Carolina.Each of the individuals sampled was given a standardized test..
In a two-player, one-shot simultaneous-move game each player can choose strategy A or strategy B. If both players choose strategy A, each earns a payoff of $500. If both players choose strategy B, each earns a payoff of $100.
Real Disposable Income Planned Real Consumption 0 3,000 2,000 4,400 4,000 5,800 6,000 7,200 8,000 8,600 10,000 10,000 12,000 11,400 14,000 12,800 Refer to Table 12.1. The table gives the combinations of income and consumption.
Golden Star Winery produces midlevel wines consumed primarily in North America. Given below is the projected income statement for the company for 2011. Projected Income Statement (2011) Sales (100,000 cases at $7 per case) $700,000 Cost of goods s..
A can manufacturing company produces and sells three different types of cans: Versions X, Y, andZ. Ahigh-level, simpli fiedpro fit/lossstatementforthecompanyisprovidedhere. Corporate overhead (rent, general and administrative expense, etc.)
Choose either $1,350,000 or $1,750,000 to be the more appropriate fixed cost for a product layout, and consider the other value as the fixed cost for a process layout. Similarly, choose either $240 or $310 to be the variable costs for the layouts.
Clean Supreme is a corporation that produces and sells powdered laundry detergent in the U.S. The company has estimated the following regression equation for the demand of its Brand Z detergent:
Suppose the LRAS is positioned at a real GDP of $12 trillion in base year dollars, and the long run equilibrium price level (in index number form) is 115. The corresponding full employment level of nominal GDP must be how much trillion dollars.
There are two sectors of the construction industry that currently pay their employees the market-clearing wage. The demand for labor in each sector is MRPL = 12 - L,where L = the number (in thousands) of workers. The supply of labor in each sector..
A pallet recycler has offered to purchase pallets, which are of certain sizes and in good condition. The pallets that are in these sizes and in acceptable condition amount to half the scrapped pallets. The pallet recycler is offering to pay $1.00 ..
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