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The cobalt mining industry is perfectly competitive. Each existing firm and every potential entrant faces an identical U-shaped average cost curve. The minimum level of average cost is $10 per ton and occurs when a firm produces 5 million tons of cobalt per year. The market demand curve for cobalt is D(P) = 810-P, where D(P) is the demand for cobalt in millions of tons per year when the market price is P dollars per ton. What is the long-run equilibrium price for cobalt? How much cobalt does each producer make at this equilibrium price? How many active cobalt producers will be in the market?
Many retirement funds charge and administrative fee equal to 0.25% on managed assets. Suppose that Alexx and Spenser each invest $5,000 in the same stock this year. Alexx invests directly and earns 5% a year. Spenser uses a retirement fund and ear..
Suppose that the eye doctor offers senior residents a discounted price for an eye exam. The demand function for senior residents is Qs = 50 - Ps, and the demand function for the general public is Qg = 60 - Pg. The marginal cost for an eye exam is ..
The inverse market demand in a homogenous-product Cournot duopoly is P = 100 - 2(Q1 + Q2) and costs are C1(Q1) = 12Q1 and C2(Q2) = 20Q2. a. Determine the reaction function for each firm. b. Calculate each firm's equilibrium output.
Based on a sample of 30, suppose we estimate a regression model and find b1=8.4, SSR=128, SSE=286 a) Find the coefficient of determination (R^2) b) Test at the 10% significance level against the two sided alternative the null that B1=0
The tensile strength of spot welds produced by a robot welder is normally distributed, with a mean of 10,000 psi and a standard deviation of 800 psi. For a simple random sample of n=4 welds,
Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good
to pay for college, you have just taken out a $1000 gov. loan that makes you to pay $126 per year for 25 years. however, you don't have to start making the payment until you graduate from college two years from now. why is the yield to maturity ne..
Suppose that 500 identical firms face have total costs given by C(q)=0.25q^2+30q+1600 and the market demand is given by D(p)=120,000-250p. In short run competitive equilibrium, what is the market price
One year ago, you bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calculate the real return.
A Graybar motor costs $7000 and has an electrical efficiency of 89%. A Blueball motor costs $6000 and has 85% efficiency. Neither motor would have any salvage value, since the cost to remove it would equal its scrap value.
the claims for a new long-life battery were justified, a consumers' group tested a random sample of 20 batteries. Each battery was subjected to a standard heavy load until burnout, providing the following 20 lifetimes ( in minutes): 65.1 58.4 64.9..
In a market with annual demand Q = 100 -P there are two firms, A and B, who make identical products. Marginal costs are constant and equal 10. There are no capacity constraints. a. What is the single period cournot equilibrium
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