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Firms A and B are duopolist producers of widgets. The cost function for producing widgets is C(Q) = Q2, with marginal cost MC = 2Q. The market demand function for widgets is Qd = 40 − 0.5P , where Q measures thousands of widgets per year. Competition in the widget market is described by the Cournot model. What are the firms’ equilibrium outputs? What is the resulting price? What do they each earn as profit? How does the price compare to marginal cost? How do the price and the two firms’ joint profit compare to the monopoly price and profit?
Suppose the demand for eggs is: Q=9,000-3,000P and the supply of eggs is: Q=-500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs.
short-run average cost curve and the long-run average cost curve are both U-shaped for the same reasons.
Illustrates what the advantage of using capital in the production. Illustrate what is mean by the term division of labor.
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H)=420-80H and MC(H)=100+240H. Write..
The graph also shows the marginal revenue curve faced by this firm. Elucidate how much profit does the monopolist earn.
The price elasticity of demand for personal computers is estimated to be -2.2. If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?
Consider a hypothetical closed economy in which households spend $0.75 of each additional dollar they earn and save the remaining $0.25.
If the US Dollar is equal to 10 Mexicxan Pesos. Then we can say that the US Economy is doing better than Mexico's economy and the US Dollar can buy more than the Peso.
If the total cost of producing 2 pounds of cheese is $6 and the total cost of producing 4 pounds of cheese is $8, then:
A construction firm can achieve a $15,000 cost savings in Year 1 and increasing by $2,000 each year for the next 5 years by upgrading some equipment. At an interest rate of 10%, what is the equivalent annual worth of the savings?
The gains from specialization and trade are based on comparative advantage, which reflects the relative opportunity cost. When countries specialize in producing goods and services for which they have comparative advantages, total production in the gl..
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, Illustrate what were the economic incentives for producers.
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