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(a) The short run total cost function of a perfectly competitive firm is given as follows: Assume that the market price of the firm's product is P=$300. Find the firm's profit-maximizing output and profit for the short run.
(b) The long run total cost function of the same perfectly competitive firm is given as follows:
Assuming the industry is in long-run equilibrium; find the firm's long-run price, quantity, and profit.
Two major areas of health care reform involve universal access and containing costs. List the specific options discussed in your text that work toward these reforms.
Cost-Plus Pricing. Wendel Stove Company is developing a "professional" model stove aimed at the home market. The company estimates that variable costs will be $2,000 per unit and fixed costs will be $10,000,000 per year.
What conditions must be met for buyers to bear the full burden of a tax? What conditions would cause sellers to bear the full burden? Explain.
In this scenario the fixed loan was made prior to the unexpected inflation sodebtors will gain at the expense of creditors. Creditors, on the one hand, will lose because inflation will erode the amount of money they planned to earn on the loans. S..
Discuss the concepts of price transparency and information asymmetry and they apply to the diamond industry as a result of the entry of BlueNile. Name another industry where the Internet has had a similar impact.
The basic economic argument for greater income equality is that: an equal distribution of income is the logical outcome of any tax-transfer program. because citizens enjoy political equality, they are also entitled to economic equality.
suppose two entities are considering collusion - to make things legal consider a situation similar to opec except
suppose that consumption depends on the level of real money balances on the grounds that real money balances are part
1. consumers in queensland pay twice as much for avocados as they do for peaches.however avocados and peaches are
Many home mortgages in recent years have been made with variable interest rates. Typically, the interest rate is adjusted once a year based on the current rates on government bonds. How do variable interest rate loans protect creditors from the ef..
explain the four factors for production that influence a countrys standard of living and ultimately a persons quality
jim buys only bananas and cds. suppose that jims income is 40 bananas cost 0.80 per pound and cds cost 8 each.a write
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