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Suppose that on a Saturday night there are 20 people who'd eachlike pizza. Each person's willingness to pay for pizza is given bythe equation W2Pi=10-Qi, where W2Pi is the maximum amount person iis willing to pay for pizza number Qi (eg, the person is willing topay $9 for the first pizza, $8 for the second, etc.). There are 10stores that will deliver a pizza. Each store has the followingtotal cost equation: TCj=16+Qj*Qj, where Qj is the number of pizzasproduced by firm j and Qj*Qj means Qj squared. The correspondingmarginal cost equation is MCj=2*Qj. You may assume the market isperfectly competitive. Please answer the followingquestions.
Derive the demand curve for a typical individual and the supplycurve for a typical firm.Derive the market demand and supply curves.What is the equilibrium price and quantity of pizza?How many pizzas does each person buy? How much consumer surplusdoes each person receive?How many pizzas does each firm produce? How much profit doeseach firm earn?
determine the present equivalent value of the cash flow diagram when the annual interest rate, ik, varies over time n = 6 years with 4 cash flows year (1) = $1,000 (2)= $2,000 (4)= $1,000 and (6)= $2,000 between each year the interest changes
Assume that all other banks hold only the required amount of reserves. If First national decides to reduce its reserves to only the required amount, by how much would the economy's money supply increase.
A machine has an initial cost of $500,000, and was estimated to have a salvage value of $30,000 at the end of its 7 years useful life. The machine is expected to generate annual net savings of $125,000. A loan of $200,000 at 7% interest will help ..
You are hired as a consultant to advise the Galactic Empire on this matter. Explain in words why such a price ceiling might be a good idea (i.e. could such a price ceiling be welfare-improving Consult page 372, on natural monopoly).
Determine which of the following is a test of the statistical signficiance of the entire regression equation?
Consider two duopolists whose cost functions are Ci = 10qi, i = 1, 2, where Ci and qi are their costs and outputs, respectively. The two duopolists have identical products and face a market demand function
Suppose the Canadian dollar (C$) price of one British pound is C$2.12. A hotel room in London costs 120 pounds, while a similar hotel room in Toronto costs C$250. In which city is the hotel room cheaper, and by how much
Why the government wants to keep the price athigher level i.e. to $5.50 when there is decline in export demand. Will it effect on the quantity demanded or quantity supplied equation and curve and how much
Consider two goods, Gorillas (G) and Chimpanzees (C). Your utility function for gorillas and chimpanzees is given by U(G,C)=ln(G)+C. Gorillas cost $10 each, and Chimpanzees cost $4 each. You currently have $200 to spend.
He has been offered a job at a large textile plant where he can make $20 per hour, but this would force him to close his business. His brother-in-law is a stock broker and tells him that he can get him a guaranteed 5% return on any money he choose..
Recently, a university surveyed recent graduates of the English Department for their starting salaries. Four hundred graduates returned the survey. The average salary was $25,000 with a standard deviation of $2,500. What is the best point estimate..
(b) At what output and price will the firm maximize total profit (c) Compare the maximum profit obtainable with the profit that the firm would have if it chose a revenue-maximizing strategy.
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