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Suppose you are the economist of Didier Enterprises - a firm that manufactures ballistic missiles. Based on the estimates provided by a consultant, you know that the relevant demand and cost functions for the missiles are Q= 25 -.5P and MC = 2. Assume that MC is equal to average costs. a. What is the firm's inverse demand function? b. What is the firm's marginal revenue when producing 4 units of output? c. What are the levels of output and price when you are maximizing profits? d. What will be the level of your profits?
q.on friday august 5 2011 the rating agency standard and poors downgraded the u.s from aaa to aa. however the other
The Chicago Board of Trade voted to create a private market for right to emit sulfur dioxide. The Clean Air Act of 1990 established a limit, beginning in 1995, on total emissions of sulfur dioxide from 110 power plants. Firms finding it relatively ex..
Explain with a graph (showing MR, MC and P) and a verbal explanation. how a ticket price ceiling placed on a monopoly sports franchise (that does not sell out its games) may actually lower ticket prices and raise attendance. Assume that marginal cost..
The graph to the right shows a situation in which the economy was in equilibrium at potential GDP (at point A) when the demand for housing sharply declined. What actions can Congress and the president take to move the economy back to potential GDP?
The marginal revenue generated for the monopolist by the 13in unit of its product is $6. What is the market-clearing price for the monopolist's product when 13 units are supplied to the market?
Discuss the basic economic principle supply and demand in verifying that studies have shown that when patients bear a higher portion of the cost for individual clinical decisions, they choose less costly treatments. If a social medical model is imple..
For a perfectly competitive firm,
Hamlet will trade two pizzas for one six-pack for beer and be equally happy. At the same time, Ophelia will gladly exchange two of her six-packs for six pizzas. Is the allocation of beer and pizza Pareto efficient? Illustrate using an, Edge worth Box..
Suppose that a country's inflation rate increases sharply. Which of the following statements are true? Wealth in savings accounts is not subject to a change in the inflation tax because the real interest rate will increase with the rise in inflation...
Determine the amount of consumer surplus generated in each of the following situations. a. Leon goes to the clothing store to buy a new T-shirt, for which he is willing to pay up to $10. He picks out one he likes with a price tag of exactly $10.
Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus or at university events. What is the beneficiaries of this deal.
Suppose that Bill cares only about chai and bagels. Her utility function is U=CB, where C is the number of cups of chai she drinks in a day, and B is the number of bagels she eats in a day. Draw Bills in difference MAP. Set up Bills optimization prob..
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