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Suppose hair dryers are produced by a monopolistic firm. The chart below shows the quantities of hair dryers that can be sold at various prices.
a. Fill in the total and marginal revenue columns in the chart shown above.
b. If marginal cost is equal to marginal revenue at MC=MR=$20, what is the profit maximizing level of production (assuming that the firm should produce at all)?
What is the size of the sampling error in this case b. What is the probability that the average wait time would be less than 80 seconds c. What is the probability that the average wait time would be more than 109 seconds d. What is the probability..
A construction firm needs a new small loader. It can be leased from the dealer for 3 years for $5500 per year including all maintenance, OR it can be purchased for $20,000. The firm expects the loader to have a salvage value of $7,000 after 7 year..
Determine the output level, price, and profits that will occur in long-run equilibrium. Assume a high-price, low-output scenario assuming a parallel shift of the firm's demand curve. Be sure to explain what you are doing and why.
On a graph with x on the horizontal axis and y on the vertical axis,draw a typical indifference curve (it need not be exactly to scale, but it needs to reflect accurately whether there is a diminishing MRSx,y ).
Assuming the level of investment is $16 billion and independent of the level of total output, complete the following table and determine the equilibrium levels of output and employment in this private closed economy. What are the sizes of the MPC ..
Consider again the Solow growth model and the following production function: a). If A = 2, L = 20,000, and K = 400, what is output b). Suppose the labor force grows by 5% so that it is now 21,000. By how much does output increase
Show that when the condition in Proposition 13.3 is satisfied, the optimal growth path satisfies the transversality condition and yields a finite level of utility for the representative household.
The 1-year interest rate in the U.S. is 10%; in Switzerland it is 12%. The current spot rate (dollars per franc) is $0.40. a. What do you expect the 1-year forward rate to be b. Is the franc selling at a premium or discount
Comparing their combined output with the output when the MC of each firm is $6, explain why the totals differ.
Of the four sources of funding listed above, which sources are likely to increase/decrease Again, be sure to distinguish between a change in dollar terms versus a change in its contribution to overall funding/revenue.
The design of the health care system involves issues of information at several points. The potential users (patients) are better informed about their own state of health and lifestyle than insurance companies.
How might the motivation for working be expanded to include other reasons? What are some of those other reasons?
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