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Question: Ivan owns a small boat and catches shrimps off the Redondo Beach. His weekly cost function is TC(q) = 10 + 5q + q2. He sells shrimps to the local wholesaler at the market price p (in dollars).
(a) Find Ivan's short-run supply curve for shrimps.
(b) Find Ivan's long-run supply curve for shrimps.
(c) Find Ivan's shutdown price and Ivan's breakeven price (the price at which profit equals zero).
(d) Suppose the market price is exist10, calculate his profit. What will Ivan do in the long run? Explain.
Draw a "fuzzy" or "flexible" production function showing how accumulating more human capital (the variable on the horizontal axis) can result in different.
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The economy of Kenya has a budget deficit of KSH 500B. This deficit is likely to be funded through domestic borrowing and taxation. Using an appropriate model, explain the macroeconomic implications of such a move.
A lithium cartel’s curve is given by P = 2400 – 40Q. Each member’s cost of supplying lithium is AC = MC = $400.
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost is $10 per unit. Tota..
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