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Merlin is like all other managers in a perfectly competitive industry except in one respect: Because of his great sense of humor, people are willing to work for him for half the going wage rate. All firms in the industry have short-run total cost curves given by TC = M + 10Q + wQ2, where M is the salary paid to managers and w is the wage rate. This total cost curve has a marginal cost curve of MC= 10 + 2wQ. All firms in the industry have the same short run economic profits, and face a market price of $28. If the wage rate for all other firms is w = 2, how much more will Merlin be paid than the other managers in the industry?
What about lowering interest rates and increasing money supply (i.e., monetary policy) If you were the chair economic advisor to the President of the United States, what would be your advice to him? What does the Scripture have to say about money
Compute Calvin's profit-maximizing output level. Compute the Calvin's economic profits at this activity level. Is this activity level sustainable in long run?
The top four firms in Industry A have market shares of 30, 25, 10, and 5 percent, respectively. The top four firms in Industry B have market share of 15, 12, 8, and 4 percent, respectively. Calculate the four-firm concentration ratios for the two ind..
How will an increase in ethanol production impact the supply and demand for corn, soy beans, and other alternative fuel resources What impact might this have on other goods and services dependent on these resources
How can you graphically show an increase in labor supply with a perfectly elastic labor supply curve?
you are one of the countries budding entrepreneurs which qualities do you have and how are you going to use them to
discuss the types of barriers to entry and explain whether each type is likely to provide long-term monopoly power.
Calculate the quantity demanded at prices of $5, $4, and $3 and calculate the prices necessary to sell 1,250, 1,500 and 1,750 thousand s of five gallon containers.
What are the differences among horizontal, vertical, and conglomerate mergers?
1. What would be true of entitlement spending rose to 100 percent and the federal budget was balanced? (Hint: Under a balanced budget, tax revenues equal the sum of discretionary expenditures.) 2.How would entitlement spending be funded if ta..
1. in a perfectly competitive industry in the short run if the government places a per - unit tax on output which of
If growth in labor supply is a source of economic growth, then we should just open our borders and let everyone immigrate to the U.S. Agree or disagree? When it comes to labor what matters for economic growth?
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