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Return to Figure 9.2. Suppose P0 is $10 and P1 is $11. Suppose a new firm with the same LRAC curve as the incumbent tries to break into the market by selling 4,000 units of output. Estimate from the graph what the new firm’s average cost of producing output would be. If the incumbent continues to produce 6,000 units, how much output would be supplied to the market by the two firms? Estimate what would happen to the market price as a result of the supply of both the incumbent firm and the new entrant. Approximately how much profit would each firm earn?
Identify at least two changes that may occur for Social Security and Medicare benefits in the next 20 years. Then, describe key policies that the U.S. government could implement in order to ensure positive changes for Social Security and Medicare ben..
What price-output combination would exist with efficient pricing (MC = P)? Draw a graph with MC, Demand curve and MR curves for the problem above.
In terms of the law of contract can they sue Mr Patel for the cost of R17 000.00 that they are now required to pay to rectify the errors. Assume that the electrical compliance boards report is correct. Do you think Mr Patel has any defence to the cla..
List and describe the firms in the Industry. Describe the product, production methods, scale of production, and sources for raw materials. What technologies are used?
Describe (briefly) the trends and fluctuations in the unemployment rate in the United States from 1949 through 2013. In which periods was the unemployment rate above average and in which periods was it below average?
Suppose regression of y on x with a sample of size 37 yields 2 R = 0.4. What is the correlation coefficient between y and x?
The market basket utilized to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts also 2 pairs of pants.
In what specific ways does Becker's model of the allocation if time differ from the simple work-leisure choice model? Compare the functioning of the income and substitution effects in each of the two models. Do the two effects have the same impact up..
A firm faces the demand function Qd = 60− (½)P and the cost function C = 11Q2 +5. What is the optimal quantity that a price-taking (and profit maximizing) firm should supply? What is the profit when quantity produced is optimal? Construct a graph sho..
Which of the following is not an example of a market failure?
The economy is starting from equilibrium. The following shocks then hit the economy in order: interest rates rise, business taxes increase, and there is an expectation among consumers that there will be a severe increase in inflation over the coming ..
Explain what action should be taken in terms of adjusting output if it is determined that marginal cost is greater than marginal revenue.
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