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The market for wheat consists of 500 identical firms, each with the following total cost function: T C = 90, 000 + 0.00001q2 where q is measured in bushels per year.
The market demand for wheat is: Qd = 90,000,000 - 20,000,000p
(a) Determine the short-run equilibrium price and quantity.
(b) Calculate the profit maximizing quantity for the individual firm. Calculate the firm's short run profit(loss) at that quantity, and the firm's producer surplus.
(c) Assume that the short-run profit or loss is representative of the current long-run prospects in this market, and the industry is a constant cost industry. You may further assume that there are no barriers to entry or exit in the market. Describe the expected long-run response to the conditions described in part(b),including the expected equilibrium price and the number of firms that will eventually make up the market.
a horizontal cylinder is heated electrically. the cylinder is supplied with a current at a dc voltage. using the data
Show that the negative-feedback system shown in Fig. 2.5(b) is BIBO stable if and only if the gain a has a magnitude less than 1. For a = 1, find a bounded
If you want to be 95% confident of estimating the population proportion to within a sample error of +and - .05 and there is historical evidence that the population is approximately .35, what sample size is needed.
A sports psychologist wanted to find out whether there is a relationship between drinking coffee and speed in running a 5 k run. He recorded the time
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q1. for each of the following state the null hypothesis and the alternative hypothesis.a the publisher of celebrity
the accompanying data are x advertising share and y market share for a particular brand of cigarettes during 10
Evaluate real-world situations and present solutions using statistical methods.
a researcher wants to determine a 97 confidence interval for the mean number of hours that uiuc students spend doing
Be sure to include information about how you would use the concept of probabilities to apply to profiles for hiring more satisfied individuals.
The average amount of time between a score by either team in college soccer games is 15.2 minutes.
the hawks are currently winning 0.55 of their games. there are 5 games in the next two weeks. what is the probability
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