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Suppose that the manager of a firm operating in perfectly competitive market has estimated the firm's average variable cost function to be AVC=4000-5Q+0.002Q2 Total fixed cost is $62500. The firm across the street is charging $1000 per unit that they sell. a. What is the minimum value for AVC? b. How much output should the firm produce in the short run? c. How much profit will the firm earn? Hint: If we face the following quadratic equation : ax2+bx+c=0 then we can find x using this formula: x = (-b +/- (squareroot of b^2-4ac) )/2a Please use the largest number as your solution.
President Bill Clinton assigned his wife the task of developing a national health insurance plan to increase the availability of medical care for the poor. Explain how would one determine the opportunity cost of the proposal.
How does the price elasticity of demand for gasoline impact the effectiveness of taxes on gasoline aimed at correcting a negative externality?
The consumption function is C = 0.75Y where the marginal propensity to consume MPC equals .75 (out of an additional $1 in national income 75 cents is consumed). The government increases its purchases by $100 million, and investment and net exports do..
Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, where P is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q. Suppose coal mining produces an external marginal user cost. This cost equals ..
Between 2006 and the middle of 2008, oil prices rose sharply – from around $60 to more than $140 per barrel. By the end of 2008, however, oil prices had fallen even more sharply, to just over $40 per barrel. Consider these as two separate shocks. Als..
In January 2007, XM enjoyed about 58 percent of satellite radio subscribers, and Sirius had the remaining 42 percent. Both firms were suffering losses, despite their dominance in the satellite radio market.
Outline the foreign exchange implications for example how will the business be affected if the Canadian dollar appreciate or depreciate or the currency.
If the annual real interest rate on the loans is 6%, explain how many car companies will buy a new car assembly machine.
"The problem with economic policy becomes most obvious when attempts are made to tinker with little economic changes, as the tools governments have at their disposal are too crude." This statement is a criticism of
Miller and Wicks-Lim disagree. Explain why, referencing their arguments on a) the argument that high skill jobs aren’t the main type of employment available (use a statistic), What do the authors think is causing the current unemployment?
What assumption along with diminishing marginal product implies diminishing marginal rate of technical substitution?
List and support your choice of one industry where there is too much federal government regulation and one industry where there is not enough federal government regulation.
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