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Leila runs a firm in a perfectly competitive market with many other firms. Her short-run cost function is given by C(q) = q2 + 25q + 144 such that MC(q) = 2q + 25. Answer the following questions.
(a) How much is Leila’s fixed cost of running the firm?
(b) If the market price is $75, how much profit will Leila make?
(c) How much output will Leila produce in the long-run? What will the market price be in the long-run?
Arian is about to borrow $2,587.11 from his uncle. He has an option to repay the loan at the end of year 4 with 3.11% simple interest per year or with 6.8% interest per year, compounded annually. What is the difference of the total interest paid over..
Many of the miles are on dirt roads. From an asset ownership point of view, what type of car should he buy.
A small university with many competetiors has determined that the price elasticity of demand for its services is equal to -2.5. The university Board of trustees is considering rasing tution by 10% to generate additional revenues. Is this likely to be..
If sample mean is 65, S=23 and n=64, and assuming that the population is normally distributed, construct a 95% confidence interval estimate of the population mean.
Consumer demand for oil—including oil in the form of both gasoline and home heating oil—is fairly inelastic in the short run and more elastic in the long run. In the short run, will a shift in the supply of oil (say, caused by a disruption in Mideast..
Employment data at a large company revel that 72% of the workers are married, that 44% are college grads,and half of the college grads are married. Elucidate what is the probability that a randomly chosen worker;
Illustrate when a cold snap hits florida, the proce of orange juice rises in supermarkets throughout the country
While Greece needs help, the German economy has also suffered major recession itself. As an advisor, how would you advise the chancellor: to bail out or kick out Greece? As a German taxpayer, are you willing to pay higher taxes to help Greece? What a..
Whenever the amount of output produced is not as great as the amount that the economy is capable of producing, there is a positive GDP ___________ and cyclical unemployment will be the result.
Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education? Why does a movie actress like Angelina Jolie earn more than a movie actress from the 1940s?
Using the II-XX framework below, show using a figure that fiscal policies by themselves cannot bring the economy to both internal and external balances. Do start with an economy at Point 2 (you will have to address devaluation). A close to complete a..
Bill faces a wage of $10 per hour (W = $10/hr) and is trying to decide how to best allocate his daily 24 hours between work (which he does not like) and leisure ( which he thoroughly enjoys). Please construct Bill’s daily budget line with total incom..
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