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A firm in a perfectly competitive 'industry has this cost function: TC = 900 + q^2
a) If market demand is QD = 1800 - 20P, what is the long-run equilibrium price, quantity produced by the firm and the industry, and the number of firms in the industry?
b) If demand increases by 600 for all Q, what is the short-run price, quantity, and profit for the firm and the industry? In the long-run how many firms enter the industry?
c) If each firm has to pay a one-time licensing fee, in the short-run what happens to the market price and quantity, and each firm's output and profits? What happens to the number of firms in the long-run? (No calculations necessary.)
An increase in input prices for rice production; and an improvement in rice production technology. Use diagrams to analyze the effects of these changes on equilibrium price and quantity.
Using indifference curve analysis, explain and show graphically the effects of higher gasoline prices on:
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Assuming that there are only two goods, and the other good (food) is capital intensive, show the equilibrium points of production and consumption in ALFA, before and after trade.
You are given the following information about the personal computer (PC) industry: Find the NRP and the ERP. Show all calculations and formulas.
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The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D.
When the Bank of Canada sells the government bonds to a commercial bank, the commercial bank experiences a decline in reserves and in increase in bonds. Total assets are unchanged; this is just a portfolio switch between bonds and cash.
Illustrate the notion that people are rational respond to incentives consider an experiment conducted by researchers at St. Luke's Roosevelt Hospital in New York City.
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