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Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD:
Demand: P=1000-10QTotal Revenue: TR=1000Q-10Q2Marginal Revenue: MR=1000-20QMarginal Cost: MC=100+10QWhere Q indicates the number or copies sold and P is the price in Ectenian dollars.
The markets for labor and office space are tight in your area. To acquire the lease and hire workers, you signed contracts requiring you to give 12 months advance notice before abandoning your lease or laying off workers
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $14 per hour worked. What is New Zombie's real GDP If work hours increase to 320 in year 2 and productivity rises to $16 per hour, what is New Zombie's rate of economic growt..
If market demand is given by the functionQ=1000?P, where P denotes price, how many firms will operate in this long-run equilibrium?c) Suppose the government grants a lump-sum subsidy to each firm that manufactures the product. If this lump-sum su..
a consumer has preferences between two goods, hamburgers(H),and milkshakes(m), his perference over the two goods are represented by the utility function U= H^1/2+M^1/2, for this utility function MUH=1/(2H^1/2) and MUM=1/(2M^1/2)
Suppose that BMW can produce any quantity of cars at a constant marginal cost equal to $20,000 and a fixed cost of $10 billion. You are asked to advise the CEO as to what prices and quantities BMW should set for sales in Europe and in the United S..
assuming that no population growth or technological progress occurs, find the steady-state capital stock per worker, output per worker, and consumption per worker as a function of the saving rate and depreciation rate.
The supply is simply the sum of the marginal cost curves of all the firms in the industry. Suppose that all the competitive firms collude to form one single monopoly firm. (Collusion changes neither the demand nor the cost conditions in the indust..
The lining of an outdoor inground pool needs to be replaced every five years at a cost of $2,500. There is a new type of lining available that would last for 10 years, but costs $6,500. The pool needs new lining now.
The local economists estimate that Y is equal to $12,000 and Monopoly has set Pc at $10. If Monopoly's MC of serving another customer is equal to $1, what is the profit maximizing price for seasonal passes
Now, suppose that initially z=2 and the economy is in the steady state you calculated in part a. . Then suppose that z falls to 1.8 permanently. What is the new steady state? Determine capital per worker znd output per worker in each of the first ..
A researcher estimated that the price elasticity of demand for automobiles in the U.S. is -1.2, while the income elasticity off demand is 3.0. Next year, U.S. automakers intend to increase the average price of automobiles by 5 percent, and they ex..
Suppose that a pure altruist in the affected area had come into possession of a small amount of ice. Explain why he might have charged $50 per pound for it, even if he was completely unconcerned with his own welfare.
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