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United States production of USB flash drives is dominated by two firms, Lexarand Corsair. Both firms have a production cost of C(q) = 100 + q2(where q is in millions).They face stiff competition from ten Chinese producers. The Chinese firms each have a costof C(q) = 20q, but their production capacity is limited to 2 million units each, q = 2, or20 million total. Demand for USB flash drives in the US is determined by the functionD(p) = 50 - p.
Assume that Lexar and Corsair act as perfectly competitive firms and that Chinesegoods flow freely into the United States. Draw the aggregate (e.g. including all firms)supply curve for this industry in the space below. What is the market clearing price?
Suppose there are two types of workers, "stars" and "Everyone else" and both of them would like jobs at investment banks like SG Cowen. Productivity equals 100,000 for the stars, and 50,000 for everyone else. 80 percent of workers in the population a..
q.a particular firm began very small. they found that getting larger was painful - it involved a lot of new
What is the “Learned Hand” formula? Where is it used? Can the formula be used as a criterion to evaluate efficiency?
???According to Keynes, why might deflation create problems for an economy?
Original owners must sell their used cars. Original owners know what their cars are worth, but buyers can't determine a cars quality until they buy it.
The market for clothes has the structure of monopolistic competition. What impact will fewer firms in the industry have on you as a customer? Address the following issues.
You are hired by the government to evaluate the impact of a policy change that affects one group of individuals but not another. Suppose that before the policy change, members of a group affected by the policy averaged $17,000 in earnings, and member..
If the price elasticity of demand for a product is -5, and the income elasticity of demand for the product is 2.5. If a 0.5% decrease in product price as accompanied by a 1% decrease in consumer income, the firm's total sales will
A 1998 study indicated that the price elasticity of demand for four-year university was .67. Using this estimate, how would a 10% increase in tuition at a four-year university change expected enrollments? Do you think the price elasticity of demand w..
Most individuals are aware of the fact that the average annual repair cost for an automobile depends on the age of the automobile. A researcher is interested in finding out whether the variance of the annual repair costs also increases with the age o..
Kent is retained by Mighty Manufacturing, Inc. to perform welding. He was specially trained in safety precautions applicable to installing replacement mufflers on automobiles including a rule against installing a muffler on any auto that had heavily ..
Write down the profit maximization problem for the rm.
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