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A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm's total costs are C(Q)=40+8Q+2Q2
a. how much output should the firm produce in the short run?
b. what price should the firm charge in the short run?
c. what are the firm's short run profits
d. what adjustments should be anticipated in the long run
research where you would find the u.s. international trade policies and their history as they apply to various
q.consider an economy with the following aggregate demand ad and short-run aggregate supply sras schedules.
Switch grass was promised to be the new crop that would replace corn as the primary feedstock for bio-fuels a couple of years ago. Why have we still not switched to switch grass.
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Explain the meaning of a Nash equilibrium when rms are competing with respect to price. Why is the equilibrium stable? Why don’t the firms raise prices to the level that maximizes joint prots? What is the DWL in this model?
A market has a demand curve described by P=60-3Q and a supply curve described by P=20+2Q. Calculate Consumer Surplus
A good without any close substitutes is likely to have relatively _______? demand, because consumers cannot easily switch to a substitute good if the price of the good rises. Price elasticity for a good depends on the share of a consumer's budget sp..
In a perfectly competitive factor market, a firm faces a(n):
According to the lectures in class, although consumption spending is about 70% of the total spending in the US economy (C=70%, I=15%, G=15%) its effect is stronger than 70% on the economy why?
Some of the largest import tariffs tax on imported goods is on shoes. Strangely, the cheaper the shoes, the higher the tariff.
Review the six economic goals discussed in this section. Then, in a paragraph of at least five sentences, describe the goal you feel is the most important to a country and explain why you feel this way. Be sure to provide at least two logical reasons..
Let's take a look at all the posts above on the definition of GDP. Those definitions of GDP usually assume constant prices even though there is no clear reference to prices in the definition. That is why economists usually like to differentiate betwe..
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