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Widgets are sold by a constant-cost industry where each firm has fixed costs of $60 and each firm has the following marginal cost curve: Quantites (widgets): 1,2,3,4,5,6. Corresponding MC ($): 10 20 30 40 50
In long run equilibrium, what is the price of a widget? The city would like the price of widgets to change. Plan A is to give each firm a fixed subsidy each year; Plan B is to give each firm an excise subsidy (that is, a subsidy per widget). b) Which plan is more effective in the short run? c) If the city wants the long run price of a widget to be $20, what is the amount of the per-firm subsidy it must offer under Plan A? d) If the city wants the long run price of a widget to be $20, what is the amount of the per-widget excise subsidy it must offer Plan B? e) If the city wants the long run price of a widget to be $20, which plan is more expensive?
Unlike the case in the U.S., in many foreign nations, particularly European countries, when an investor acquires a firm: I. The investor is compelled to adhere to existing employment arrangements. II. The investor must raise workers' salaries at a se..
The inverse demand function for grapefruit is defined by the equation p = 317 − 6q, where q is the number of units sold. The inverse supply function is defined by p = 5 + 6q. A tax of $48 is imposed on suppliers for each unit of grapefruit that they ..
Compute a range of possible values for total gain with a Illustrate what is meant by the term 'utility,' and how does it relate to purposeful behavior.
Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0.4q. Marginal extraction cost = $2. r = 10%. The available supply is 20 units. Suppose 13 units are consumed in period 1 and 7 units in period 2. Calculate the present v..
There were 13,249 weddings in Springs City last year. According to state records, notaries public performed 17% of the weddings. How many weddings were not performed by notaries public?
Explain what is meant by a zero-sum game, and why it was central to Mercantilist thinking. Then, explain how Smith's idea of absolute advantage altered the nature of the "game."
How did Neoclassical economists rationalize a policy of laissez faire with respect to the potential intervention into a market economy by government? Why do modern economists, on the other hand, acknowledge a role for government? Pareto’s definition..
A number of additional conclusions can be drawn from the fact that the marginal revenue curve associated with a linear demand curve is also linear and has the same price intercept and twice the slope of the original demand curve.
q1. suppose that mnl logs harvested the logs in october 2011 and sold them to mnl number in december 2011. mnl number
How does economic cost work? I know that economic cost: cost of resources used to produce a good, this includes opportunity cost. I don't understand how opportunity cost is included in that though, can someone give me an example?
What would you expect to be the effect on interest rates if the Fed held the money supply constant.
Which one of the following is based on the idea that the marginal utility of income diminishes as income increases?
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