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Suppose a firm faces the following demand for its output q: q = 100 – 10p, where p represents the price it receives per unit sold. Assume this firm marginal cost is MC = 4. What is the absolute value of the price elasticity of demand at this firm’s profit maximizing level of output? NOTE: write your answer in number format, with 2 decimal places of precision level. Show all steps.
Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
The scale effect is
An economy has 110,000,000 people employed 8,000,000 unemployed, and 4,000,000 discourage workers. The conventional measure of the unemployment rate is what percent?
What would the Consumer Surplus, Producer Surplus, and Total Surplus be for the quantity demanded =1000-P and the quantity supplied =3P-120?
Suppose you are faced with demand P=10-.2Q and your current production (supply) is 10. What price should you charge to sell all your product? (Show your work)
Consider a Cournot duopoly with the inverse demand p = 130 ? Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the consumer surplus and DWL.
Research the stock market. What is a stock? What is a share? What is an exchange? Identify the various exchanges where stocks can be traded and discuss their similarities and differences (i.e. NYSE, NASDAQ). What types of companies are traded on each..
Suppose that you were an industry analyst trying to determine if the leading firms in the automobile manufacturing industry are playing a tit-for-tat pricing game. What real world data would you want to examine? What would you consider to be evidence..
Suppose Mike and Johnson produce two products- hamburgers and T-shirts. Mike produces 10 hamburgers or 3 T-shirts a day and Johnson produces 7 hamburgers or 4 T-shirts. Assuming they can devote time in making either hamburgers or T-shirts. Draw the p..
BUECO5903 BUSINESS ECONOMICS Explain why some people 'lose' from inflation and why do some people 'win' from inflation and how did the classical economists interpret long-run unemployment?
Researchers have found a hybrid of corn that is cheaper to grow. This technological break through
Discuss the difference between them and explain the managerial actions that can influence the firm profitability.
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