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Suppose a monopolist produces according to the following demand curve: P = 200 - 4 Q. Assume that the firm faces a constant marginal cost and constant average total cost of $56 per unit produced.
a) Write down the equation for the Marginal Revenue curve.
b) Graph this, including the demand curve, the MR curve, and the AC/MC line.
c) What quantity should this firm produce?
d) What price should it charge per unit?
e) What profit will it make, taking into account your answers in parts b and c?
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What are some econometrics texts that you would recommend for me? I learned some intro econometrics in a course which taught from Studenmund but was extremely bored.
For a firm with two variable inputs, X = (KL)1/4; where X is the level of output; while K and L are the inputs of capital and labour, respectively. The rental rate per unit of capital is $4, and the wage rate per unit of labour is $64. Derive the lon..
Which of the following best describes a policy which moves the economy to the right and downward along a given short-run Phillips Curve?
A firm is using 10 workers, and their average product is 200 units. Suppose the marginal product of labor is 250 units. In answering the questions below, explain your answers briefly. How much output is the firm producing? Is the marginal cost curve ..
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