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Assume that the manufacturing of cellular phones is a perfectly competitive industry. The market for cellular phones is described by the following demand function Qd = -25/12p + 9851/12
In addition, this industry consists of 63 identical manufacturers with the following variable cost function VC(q) = 1q^2 + 9q
The industry supply function is of the form Qs = a x P + b
What is "a"?
What is "b"?
What is the aggregate equilibrium quantity?
What is the equilibrium price?
What is the production level of each firm in the market?
What are the variable profits of each firm?
In order for this industry to have zero entry in the long run what must the fixed costs be _______
Research has shown that fishing poles are an inferior good. If there is a decrease in the price of fishing poles, how are the substitution effect and income effect of this price change influencing consumers' purchasing decisions? Explain the impact o..
q.sometimes a bidder on a work contract may bid lower than what would maximize hisher profit from the contract and the
To produce a recorded CD, q=1, a firm uses one blank disk, D=1, and the services of a recording machine, M=1, for one hour. Draw an isoquant for this production process. Explain the reason for its shape. (Hours of machine services on the vertical axi..
A firm’s production function is given by: f(L,k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
Consider the 2008-2010 recession. Use the IS-LM model to analyze the following. Suppose that the decrease in housing prices causes investment to decrease sharply, How are GDP and interest rates affected, ii) Suppose both fiscal and monetary policies ..
For each of the following events, explain the effect if any, on the position of the short and long run aggregate supply curves and the aggregate demand curves.
1. Explain the two principal components of the Balance of Payments 2. Explain the "Washington Consensus" with at least three examples of policy measures.
Recently, the U.S. Supreme Court ruled that cities could have voucher programs that give money directly to parents, and the parents can then choose between competing schools: public and private. The idea for promoting such a ruling was to create comp..
Economic expansions in Europe and China would cause
Pick Industries produces plastic toothpicks that it sells to distributors in the Southwest. During the early 1990s, the price of the plastic it uses to produce toothpicks fell by 46 percent, due to a local glut of recycled plastic containers. what im..
Mr. and Mrs. Ward typically vote oppositely in elections and sot their votes "Cancel each other out." They each gain two units of utility from a vote for their
Assume a firm is currently employing 20 units of capital and 100 units of labor in its production process. Assume also that the marginal product of the 20th unit of capital is 40 units of output, the marginal product of the 100th unit of labor is 10 ..
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