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Beta Industries manufactures floppy disks that consumers perceive as identical to those produced by numerous other manufacturers. Recently, Beta hired an econometrician to estimate its cost function for producing boxes of one dozen floppy disks. The estimated cost function is.
a. What are the firm's fixed costs?
b. What is the firm's marginal cost? Now suppose other firms in the market sell the product at a price of $10.
c. How much should this firm charge for the product?
d. What is the optimal level of output to maximize profits?
e. How much profit will be earned?
f. In the long run, should this firm continue to operate or shut down? Why?
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
A firm with costs C(Q) = 1,000 + 60Q + 0.1Q2 is able to price-discriminate-What would happen if it were forced to charge all its customers the same price?
Because net exports are counter-cyclical, analyze how the following change during an economic expansion: Consider the case in the context of a flexible exchange rate and a fixed exchange rate.
How much does the gross price increase in each market
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
Read the following text and answer the questions below: Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
Budweiser, Miller and Coors who together produce 80% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
Please evaluate the effect of the following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
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