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A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm's total costs are C(Q) = 50 + 10Q + 2Q2.z
a. How much output should the firm produce in the short run?
b. What price should the firm charge in the short run?
c. What are the firm's short-run profits?
d. What adjustments should be anticipated in the long run?
A road building contractor has received a major highway construction contract that will require 50,000 m^3 of crushed stone each year for 5 years. The stone can be obtained from a quarry for $7.80/m^3. As an alternative, the contractor has decided to..
An accident occurred and an individual lose a leg. Show diagrammatically the utility functions before and after the accident. Show that if you were the Utilitarian, you would give more income to the individual after the accident, but that even after ..
What do Supply-Siders think about the overall economy? What Policy Levers do Supply Siders think should be used in this approach? Why is Supply-Side not accepted as an Economic Theory?
Siemens has announced job cuts of 4,500 employees today because a drop in industrial profits to 1.70 billion euros from forecast level of 1.78 billion euros. The new cuts come on top of 7,400 job losses announced earlier. Why is Siemens doing this wh..
why or why not bert is in a set salary he drinks 4 bottles of tea and 10 slice of bread.the price of tea is $10 and $4 per slice of bread.the last bottle of tea added 50 units to berts utility and the last slice of bread added 40 units.is bert ma..
The population of Ectenia is 100 people: 40 work full-time, 20 work half-time but would prefer to work full-time, 10 are looking for a job, 10 would like to work but are so discouraged they have given up looking, 10 are not interested in working beca..
Illustrate the total price of production (including the cost due to environmental damage) at the unregulated equilibrium quantity of 400.
Find out the real interest rate of interest earned by Albert in each of the three years also his total real return over the three year period.
The inverse demand for a monopoly's product is P=92-5Q, where Q=Q1+Q2. The marginal cost of producing in the two plants is MC1=2Q1 and MC2=6Q2. How much output should be produced in each plant? What is the firm's profit maximizing price?
Explain and show graphically why might a supply shock lead to stagflation. What kind of monetary policy can the government implement when the economy is going through a period of stagflation (expansionary or contractionary)?
A 911 emergency response service needs operators who are bilingual in English and Spanish. A few applicants of Spanish origin are rejected due to poor English-speaking skills. They file a complaint on the grounds of discrimination based on nationalit..
Actual GDP in a country is estimated to be 10% below potential GDP. Prices are virtually unchanged from one year ago. Unemployment is 12% of the labor force (much higher than the natural rate of unemployment). Which of the following policies would be..
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