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Suppose a perfectly competitive firm 'i' has a total cost function given by the equation TCi = 200 + 2qi^2, and that there are 10 identical firms in this industry.
Also, suppose that there are 100 identical individuals (denoted j) in the economy each with the inverse demand equation P = 200 - 60qj.
How do you solve for the industry supply curve and for the industry demand curve. Solve these for equilibrium industry quantity and price.
The accountant would measure revenue-explicit cost= profit The economist would measure revenue- explicit and implicit cost=profit 200-100=100 profit YES for accountant profit 200-300=-100 deficit NO for economic profit Is this all right.
The unit cost of a console to Nintendo is $30, and of a game to Sega is $10. Suppose, each month, Nintendo considers prices $250 and $350 for consoles, and Sega considers $40 and $50 for games.
Suppose that a firm faces a demand curve that has a constant elasticity of -2. This demand curve is given by q = 256/P^2. Suppose also that the firm has a marginal cost curve of the form MC = 0.001q. a) Graph these demand and marginal cost curves
Demand for flower bouquets in a suburban town is described by: QD = 50 - 5 P + 2 Y, where Q is quantity, P is price per unit, and Y is an index of consumer income. Similarly, supply is described by QS = 10 P - 5.
The length of time patients must wait to see a doctor in a local clinic is uniformly distributed between 15 minutes and 2 1/2 hours. b. What is the probability of a patient waiting exactly 50 minutes c. What is the probability that a patient would h..
Suppose you have been employed as an economic analyst, your job is to use the Regression Model to estimate potential sales of your employer's product.
Suppose that the marginal cost faced by a shoe company is $10 for a pair of shoes. If the demand elasticity for the company's shoes is also constant, and is equal to 5, what price should the company charge for a pair of shoes
calculate the V(gdp) using the velocity formula. All given is a LRAS graph with the following information derived from the graph Real GDP = 9 trillion and Price level = 3; Furthermore The AD line intercepts the x axis at 18 trillion and the y axis ..
Suppose a country has a money demand function (M/P)d = kY, where k is a constant parameter. The money supply grows by 12 per year, and real income grows by 4 percent per year. a) What is the average inflation rate
1. Job A pays $30,000 a year. Job B is completely identical in all aspects except it is located in an area that has a 10% higher cost of living. In order to compete, Job B would need to pay. This is known as a. 2. Explain the difference ..
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price What will happen to revenue (rise or fall) If instead it raises price by 20%, what is the per..
The following data are available for output (Q) and Long Run Total Cost (LTC) for a firm. Using appropriate calculations determine the range of outputs over which the firm's technology exhibits Increasing, Decreasing or Constant Returns to Scale.
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