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Each firm in a competitive industry has an identical cost structure wherein long-run average costs are minimized at q=20. The minimum average cost is $10/unit. Suppose the market demand is given by Q=1500-50P. What is the long-run equilibrium price, total industry output, the output of each firm, the number of firms, and the profits of each firm?
A consumer, D Carroll, spends all of his income on 2 goods X and Y. The 2 goods are both normal but are not complementary. The price of good X is reduced but the price of good Y is unchanged. The consumer continues to spend all of his income on th..
There are 2 firms in industry A. You are firm 1, and your rival is firm 2. The market demand and the firm's cost functions are as follows Demand: P=200-2(Q1+Q2) Firm 1: Tc1= 2Q1 Firm 2: Tc1=10Q2
If John were to lower his price by $1, he would sell more carwashes, and still be able to charge a price above his marginal cost. Explain intuitively why it would not be profit-maximizing to do so. What price should John set for a carwash.
A new piece of materials handling equipment costs $20,000 and is expected to save $7,500 the first year of operation. Maintenance and operating cost increases are expected to reduce the net savings by $500 per year for each additional year of oper..
Firm A has developed a new product and must now decide whether to install enough capacity to produce either one or two units of the product. It expects production costs (including capacity building) to be C(q) = 8q + q2 and it estimates demand for..
assume that the interest rate on a one year bond is 7 percent today and the interest rates expected on one year bonds in the future are 6 percents in 1-year, 5 percent in 2-year , and 4 percent in three years bond. according to the exceptions theo..
Thomas has found a savings fund that pays interest of 2.62 percent compounded semiannually. He will make monthly deposits of $395 and he can make a deposit only once a month on the agreed payment date. Find the number of deposits Thomas must make.
Suppose that P = 400 - 20Q and that there are 3 firms, each with a marginal cost of 30. Suppose that firms 2 and 3 merge. The merger allows the combined firm to lower its marginal cost to 20. Does the merger lead to a higher or a lower cournot equ..
Let's evaluate the expected impact of the introduction of overtime pay on hours of work. Consider three cases. First suppose that before the overtime pay is started the optimal choice of hours is 5 hours per week.
Suppose that market demand is given by P = 260 - 2Q and that firms again have a constant marginal cost of 20, while incurring no fixed cost, but now assume that the firms are Bertrand competitors and have unlimited capacity.a. What is the one-peri..
A company currently sells 1,000 units a year at $25 per unit. The marginal cost of each unit is $12. The company is considering lowering the price by 4%. The company believes that this price discount will increase its economic profits.
L Q MPL APL 1 3 +3 3 2 6 +3 6 3 16 -10 -5.33 4 29 -13 -7.25 5 43 -14 -8.6 6 55 -12 -9.17 7 58 -3 -8.29 8 60 2 7.5 9 59 -1 -6.56 10 56 -3 -5.6 b). plot the (i) total product, (ii) marginal product, (iii) average product functions.
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