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Suppose a competitive market consists of identical firms with a constant long-run marginal cost of $10. There are no fixed costs in the short run or long run. Suppose the demand curve is given by Q(P) = 1000-p
a. What is the short run perfectly competive equilibrium with 100 identical firms?
b. What are the price and quantity consumed in the long run competitive equilibrium?
c. Suppose one new firm enters that is di§erent from existing firms. The new firm has a constant marginal cost of $9 and no fixed costs, but can only produce 10 or fewr units of output. What are the price and quantity consumed in the new long-run competitive equilibrium?
Given an expected real interest rate of 2 percent. For each of the expected inflation rates of 0, 2, 4, 6, and 8 percent. How do I calculate the nominal interest rate and the after-tax expected real interest rate if the tax rate is 30 percent
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income)
Suppose the second equation is changed to I = 500. What is the new equilibrium level of income? How much does the $100 increase in investment change equilibrium GDP?
The value of a successful project is $420,000; the probabilities of success are 1/2 with good supervision and 1/4 without. The manager is risk-neutral, not risk-averse as in the text, so his expected utility equals his expected income minus his di..
A firm uses two variable inputs, labor, L, and raw materials, M, with typically shaped isoquants. It pays $20 per hour for L and $5 per unit for M. At the current mix of L and M, the marginal products of L and M are: MPL = 20 MPM = 4 Is the firm m..
A manufacturer producing ball bearings claims that the mean weight of ball bearings produced is 5 ounces. The distribution is known to be normal with standard deviation 0.1 ounces. A random sample of 16 ball bearings is taken and their mean weight..
Barry, a Texas Crude Company engineer who did not take Engineering Economy while studying at Tech, recommended that Texas Crude purchase a special tool to reduce the cost of pumping oil out of the bayous of St. Martin Parish. As a result of Barry'..
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations..
U.S. Trucking pays its drivers $40,000 per year, while American Trucking pays its drivers $38,000 per year. For both firms, truck drivers average 240,000 miles per year. For simplicity, assume both firms require driving 60 million miles each year.
The Texas Family Assistance Program (a social welfare program) offers cash transfers to low-income families. Suppose that the maximum transfer is $20 for households without income; for each dollar earned, the transfer is reduced by $0.50.
Where r = equal to Ecoland's real interest rate. Calculate, then explain, the following: Private saving Public saving National saving Investment The equilibrium real interest rate The government uses the following equation for the investment fun..
Assume that the consumption schedule for a private open economy is such that consumption C=50+0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the levelof real GDP and constant at Ig=30 and Xn=10.
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