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A firm's cost function is TCi = a + bqi + c qi2, where a, b and c are positive constants a. Find its marginal cost function, and show that MC is increasing for all q. b. Find its average total cost function. Now, prove that at the quantity that minimizes ATC, MC = ATC. c. Suppose TCi = 1000 + 20 qi + .1 qi2 Find the firm's short run supply function, qi(P). If there are 3 identical firms in this market, what is the market supply function? If demand is Qd = 1000 15 P, what is the short run equilibrium price? What is each firm's profit or loss? What is the industry's consumer surplus? Is this market in long-run equilibrium? How can you tell? d. In the long run, what is each firm's optimal quantity? What is the long-run equilibrium price? How many firms will exist in the long run?
Illustrate what are the benefits also costs to the US economy of labor migration (illegal also legal) into the United States from Mexico.
Suppose that the government imposes a temporary tarpon all imports, which makes imports more expensive relative to domestic residents (reducing the trade balance for any fixed level of the real exchange rate). Discuss the implications of this policy ..
Damage to the parked car was $5,400, and damage to the store was $12,650. What amount will the insurance company pay for the damages. What amount will Kurt have to pay?
What are the variables of a regression analysis, and how do they affect the results of the analysis? What challenge does this pose to getting reliable results?
Illustrate what would be the opportunity cost of x had the economy efficiently produced 10 units of y? Can the economy efficiently produce these quantities.
q1. use a hypothetical example to illustrate whether you agree or disagree with the following statement unemployment
Why is the unrestricted entry of new firms to all markets necessary to assure the efficient allocation of resources in the long run?
A firm expects to earn $14,000 a year on $112,000 investment. Calculate the expected profit rate. Show work. This firm would be willing to make this investment provided the interest rate is lower than what?
q1. manipulate demand of price elasticity. suppose that 50 units of a good demanded at a cost of 1 unit. a reduction
Which of the following options (alone or in combination) would you recommend that the Congress and the President pursue to reduce our projected Federal deficits and debt and why. Dramatically cut military spending. Raise taxes significantly on the we..
What are the four stages of the business cycle? In which stage do you believe the U.S economy is now? Why? What is the gross domestic product? What is its relationship to productivity? What are the effects of inflation on an economy? What are the eff..
Explain what is meant by "first-mover" advantage and how each of these firms was able to control a relatively large share of their respective markets.
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