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Consider the market for footballs. Many firms produce identical footballs with identical costs. This graph represents one firm's average total cost (ATC), marginal revenue (MR), and marginal cost (MC) curves. Today, the market demand for and supply of footballs result in an equilibrium price of $9 per football.
1. How will the graph change over time as the industry moves to a long-run equilibrium?
2. Suppose that the market for footballs starts in long-run equilibrium. Then, as a result of media coverage of the Soccer World Cup, children in the United States start playing more soccer and less football.
How will this firm's marginal cost curve change (if at all) in the short run?
Chell's demand function is P(ch) = 5-q(ch). Gordon's demand function is P(g)= 3-q(g). Draw the aggregate demand curve. What is the consumer surplus with the price is $2?
Suppose the cost of producing q cars is given by c(q) = 7500 + 2000q-10q^2 a. What is the variable cost of producing 10 cars b. What is the marginal cost of producing the 10th car
Suppose a cost minimizing firm wihses to change its scale of production and needs to know the combination of labor and capita to employ. If the firs's total cost outlay is $14. Fin the this combination using the information below
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number of dresses per week and L is the number of labor hours per week.
Recognize economic forecasts for real GDP, the unemployment rate, the inflation rate, a key interest rate, and the value of the dollar.
A clever sports economics student asked the Athletic Director at his or her university to dig back into the records for data on attendance and prices at the college's baseball games
Suppose 10-year T-bonds have a yield of 5.30% and 10-year corporate bonds yield 6.75%. Also, corporate bonds have a 0.25% liquidity premium versus a zero liquidity premium for T-bonds, and the maturity risk premium on both Treasury and corporate.
Suppose the ratio of deposits that banks hold in the form of reserves is 7 percent. Suppose further that people want to hold 8 percent of their deposits in the form of cash. Then if the fed wants the money supply to be $6,228 billion, what is the ..
On her 23rd birthday a young female engineer decides to start saving toward building up a retirement fund that pays 8% annual interest, compounded quarterly (market interest rate). She feels that $600000 worth of purchasing power
Describe the fundamental difference between short-run analysis and long-run analysis of the cost structure of a firm and give at least two examples of industries that practice price discrimination, and describe their pricing practices.
Suppose the government imposes new regulations that force tire manufacturers to adopt cleaner production methods that raise the production cost by $10 per tire. WILL THE NEW REGULATIONS RAISE THE PRICE OF TIRES CAREFULLY EXPLAIN WHY OR WHY NOT.
What is the optimal price of the textbook from the author's point of view and by how much would the demand for the textbook change if advertising were increased by 2%?
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