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Suppose that you are on the board of directors of a firm which is the dominant firm in the industry. That is, it lets all of the other firms, which are much smaller, sell all they want at the existing market price. In other words the smaller firms act like perfect competitors. Your firm, on the other hand, sets the market price, which the other firms accept. The demand curve for your industry's product is
P = 300 - Qwhere P is the product's price and Q is the total quantity demanded. The total amount supplied by the other firms is equal to QR whereQR = 49P.If your firm's marginal cost curve is given byMC = 2.96QLwhere QL is the output of your firm, at what output level should you operate to maximize profit? What price should you charge? How much will the industry as a whole produce?
Use supply or demand graphs to examine shifts in supply and demand and resulting changes in market equilibrium in the condition below.
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
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In what ways does economics class relates to the real world? How does knowledge gained from economics teaching been valuable in helping somone understand or evaluate events or policies?
Heavy rains caused the flooding of the Mississipi River and the Missouri River as well as some of their tributaries. This flood represented an important macroeconomic shock significantly damaging the aggregate capital stock and ..
How much total utility does the consumer receive
A country with fixed quantities of resources is able to make any of the following combinations of bread and ovens.
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Employees at Foxconn factories described in the e-Activity worked more hours than allowed under Chinese labor laws. Yet the violation of these standards is widespread in manufacturing and the demanding treatment of workers is commonly accepted. Co..
. In a sample of 300 houses, the sample average price was found to be $196,340. Assume the variance of house prices is 120,000,000. Let random variable X denote house price, and ? denote its unknown population mean, E(X) = ?. For each of the follo..
The effect of rising energy prices for the economic wellbeing of households and the likely effect of increases in the cost of traditional sources of energy for the energy consumption patterns of Australian households
Calculate the arc price elasticity implied by the initial response to Z-Best's price increase and calculate the effective price reduction resulting from the coupon promotion.
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