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You're the manager of monopolistically competitive firm. The present demand curve you face is P=100-4Q. Your cost function is C(Q)=50+8.5Q2 (That's Q squared).
a. What level of output should you choose to maximize profits?
b. What price should you charge?
c. What will happen in your market in the long run? Explain.
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
Demand estimation and forecasting and income elasticity of demand
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
What are some of the ethical dilemmas encountered by traders in their pursuit of profits for both their company and themselves?
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
Assume the economy starts at equilibrium and the mpc=.8. What would be the effect of the $500 increase in taxes (once all the rounds of the mulyiplier process are complete) in relation to equilibrium output?
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
Discuss the potential risks of using Web 2.0 tools. Provide several examples. What are the benefits of "build-to order" to buyers and sellers? Are there any disadvantages?
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