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Suppose that you estimate the following cost function for your company, which is a monopolistically competitive firm: TC=150Q-5Q^2+Q^3 , and the following demand curve for your product: P=162-5Q a. Compute and plot the average cost and marginal cost. b. Over what range of output does economies of scale exist? Diseconomies of scale? c. How many units of output will you produce and what price will you charge for each unit? (Hint: A monopolistically competitive firm produces where MR=MC. First find the level of output by setting MR=MC, then substitute the value of Q into the price equation above to find the value of P.) d. Is the company making a profit or loss at the suggested output level? How much?
Select a scene from your childhood that brings back happy memories. This might be the bedroom where you grew up, a park, a meadow or field, a vacation spot your family visited, a classroom, etc. Create two paragraphs presenting this setting to your r..
Judged in terms of the mechanisms used to allocate resources, the former USSR was
Describe how Kristallnacht represented a logical extension of the anti Jewish, prejudicial thinking that was incorporated into the Nuremberg Laws. Holocaust
Assume also that the price of cigarettes, the income of consumers, and the price of alcohol.
A manufacturing company invests $100,000 in a new piece of equipment. Operating expenses for this new piece of equipment is estimated to be $4,000 starting EOY1 and increasing by $200 per year at the EOY2 and for the next 9 additional years. What is ..
Consider the following game. You roll a six – sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. What is the expected value of the game?
A simple model of search. Consider an agent who lives two periods. He is unemployed at the beginning of the first period and has a wage offer of w. If he accepts the wage offer w, he will work forever at that wage. How much would the agent value toda..
The behavior of almost everyone indicates that people believe they will be better off if they earn a larger income, because a larger income means the ability to acquire more of what they want almost, but not quite, without regard to what it is that t..
In what two ways is the market structure known as perfect competition said to be “efficient” so that we use it as a benchmark against which to measure the results of the other market structures?
Suppose that trade off between work N and leisure L for a constant level of utility of 200 is expressed as u(n, L) = NL or 200= NL the budget constraint is l =24-w/P)N for a wage rate of w/P=4 determine the number of our devoted to work and leisure
If the value of jan's retirement portfolio increased from $210000 to 489000 over a 14 year period with no deposits made to the account over that period, what annual rate of return did she make?
A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L ^(1/2)K^(1/3) . The output price is 1,000 per unit and the cost of each unit of input is 10. In the short-..
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