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A company has the following short run demand and cost schedule for a particular product; Q=100+2P and Total Cost (TC)=200+2Q.
a. Estimate the firm's profit-maximizing Quantity Q, Price P, and economic profits or losses.
b. If this firm operates in a monopolistically competitive market, what will happen in the long-run to Q, P and profits?
c. What are two strategies that you would implement to increase your profits?
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The hourly wage rate is $6, hourly rentail rate for capital is $8. The production function I found to be q=10K^.5L^.5 The captital if fixed at 225 hours in the short-run.
Rochester Metro Area was hit with a major ice storm in 2003. Suppose that before ice storm of 2003, the weekly demand and supply for ice in the Rochester Metro Area were given by following equations:
"A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. Each barber is paid $9.90 every hour and works a forty hour week and a fifty week year,
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Dominant price leadership exists when one company drives others out of the market. The dominant company decides how much each of its competitors can sell.
College A is planning outsourcing their groundskeeping. They have been given a bid from Groundskeeper Willie for $250,000 a year, with the claim that he will keep school grounds in the same condition they are in now.
Determine the official measure of the deficit
Explain whether the firm will make economic profit, In the short run and In the long run.
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