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Assume we have a profitmaximizing firm for which P=17-Q, and TC=5Q=Q^2/2, where P is theprice of output Q, and TC is the total cost of production.1. Suppose the firm behaved likea perfect competitor in the short-run. How much output will it prodcue? How much profit will it earn? What price will it charge?2. Suppose the firm behaved likea perfect competitor in the long-run. How much output will it prodcue? How much profit will it earn? What price will it charge?3. Explain the theorecticalrationale for the difference in your answers for 1 and2.4. Suppose the firm behaved likea pure monopolist in the short-run. How much output will it produce? How much profit will it earn? What price will it charge?5. Given the solution to #4relative to the solutions in 1 and 2, what do you conclude aboutthe effects of monopoly relative to perfect competition? Is society likely to be helped or harmed by firms with monopoly power?Explain.
Suppose the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The monopolist has a constant marginal and average total cost of $50 per unit. a) Find the monopolist's profit-maximizing output and price.
The production function for product y is given by y = min {l; 2k}. The price of capital is r = 120 per day and the price of labour is w = 30 per day. Determine the (daily) total cost C(y) and marginal cost MC(y) of manufacturing this product.
An investor purchased 100 shares of Omega common stock for 10,000. He held the stock for nine years. For the first four years he received annual end-of-year dividends of $1,000. For the next four years he received annual dividends
Define Q to be the level of output produced and sold, and assume that the firm's cost function is given by the relationship TC = 20 + 5Q + Q2 Furthermore,assume that the demand for the output ofthe firm is a function of price P given by the relations..
You are given the data below for 2008 for the imaginary country of Amagre, whose currency is the G. Consumption 350 billion G Transfer payments 100 billion G Investment 100 billion G Government purchases 200 billion G Exports 50 billion G Imports ..
If I am in the state marginal tax rate of 6% and the federal tax rate of 25%, how much before tax rate of return (BTRR) will I have to generate to yield an after-tax of return (ATRR) of 6%
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.
Assume the market is characterized by a Cournot oligopoly. Determine the reaction function of each firm. Determine the equilibrium output level for each firm. Determine the equilibrium market price. Determine the market output. Determine the market p..
Assume that the federal government increases spending on public works programs, such as highway construction, by $40 billion. How does this change in spending affect the aggregate demand curve Explain why the shift may be higher or lower than the ..
Suppose worker productivity increased at the rate of 1.9% per year. If the labor force grew by 1.5% per year, what rate of increase in RGDP would be sustainable without increasing inflation pressures
Consider the inter-temporal model of consumption of a household who has a first period income of 300 and a second year income of 330. The interest rate is 10%. The household saves 100 in period one. a) Write the budget constraint of period one and..
In 2001, Statistics Canada estimated the labor force at 16,109.8 thousand, employment at 14,946.2 thousand, and the working-age population (15+ years of age) at 24,444.3 thousand. Calculate the labor force participation rate for 2001.
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