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The market supply and demand curves in a perfectly competitive market are, respectively:
Qs= 400+25p and Qd= 700-50p
The representative firm,in this market, has the following cost function:
Q^3-7q^2=12Q+5
a.find the profit maximizing output of the firm
b.find the total profit earned at this level of output
c. how many firms are in the market?
Find the firm's marginal production function exhibit diminishing marginal returns to labor? explain b. Capital is r=$5 per unit and that labor costs w=$20 per unit. What is the cost of producing q=100 units of K and 100 units of L? c. What is the m..
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If the price of milk increases by 10% and the quantity demanded decreases by 15%: a) Calculate the price elasticity of demand for milk b) Is demand elastic or inelastic in this range
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Suppose the consumption function is C = $400 billion + 0.8Y and the government wants to stimulate the economy. By how much will aggregate demand at current prices shift initially (before multiplier effects) with ( a ) A $50 billion increase in gov..
A random sample of size 15 is selected from a normal population. The population standard deviation is unknown. Assume that a two-tailed test at the 0.10 significance level is to be used. For what value of t will the null hypothesis not be rejected
With a world population in 2003 of 6.314 billion and a projected population growth rate of 1.1% instead (which is the United Nations' projection for the period 2003 to 2015). Compute the doubling time. State the year in which the world's population..
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