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Suppose the market for smartphones is perfectly competitive with current price being $1OO/phone. If the demand for smartphone increases due to additional features available through higher bandwidth (Think of these as 5-G phones). What will happen in the long run? Show using two (side-by-side) diagrams of a representative firm and the industry. For simplicity, assume that the underlying cost structure doesn't change.
Using supply and demand analysis, show graphically and explain verbally 3 factors that may have led to rising health care costs in the United States from 1960 to the present day.
The average starting salary for engineers for 2002 was $47,000. The average in 2015 was 65,000. If we assume salaries are tied to inflation, what has been the average yearly inflation rate for this period? And, what should we anticipate the salary wi..
Firms in the market for soccer balls are selling in a purely competitive market. A firm in the soccer ball market has an output of 5,000 balls, which it sells for $10 each. At the output level of 5,000 the average variable cost is $6.00, the average ..
The R&D and development costs for the new drug were $1.2B. Variable costs are estimated at $25 per pill and allocated fixed costs are estimated to be $8 million per year. For pricing let’s assume that the average channel margins based on retail price..
A man pays $160 a year for a life insurance policy with a coverage of $145,000 payable to his survivor upon his death. The probability that he will live through the year is 0.9992. Supply the probability table for this problem. (In this case the outc..
Average spending is $2,560. Those with a family history of cancer (4% of the population) spend $40,000 on average, and those with no family history (96% of the population) spend $1,000. Which of the following statements are true?
Elucidate how much should Joseph's income increase to compensate for the rise in the price of roses?
The following table depicts the daily output, price, and costs of a monopoly dry cleaner located near the campus of a remote college town. (See page 540.) Output (suits cleaned) Price per Suit ($) Total Costs ($) 0 8.00 3.00 1 7.50 6.00 2 7 .00 8.50 ..
q1. using graphical analysis describe the effects of the following events on their respective markets. concisely
1. Describe the product, production methods, scale of production, and sources for raw materials. What technologies are used 2. Describe the competitive environment within the industry. Is there a dominant firm
Your firm's research department has estimated your total revenues to be R(Q)=3,000-8Q^2 and your total costs to be C(Q)=100+2Q^2. What is the maximum level of net benefits?
Julon Petro Materials, Inc. ordered $8.5 million worth of seamless tubes for its drill collars from the Timken Company of Canton, Ohio. (A drill collar is the heavy tubular connection between a drill pipe and a drill bit.) At 10% per year interest, w..
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