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A perfectly competitive industry has many identical firms, each of which has fixed costs = 2 and marginal cost given by MC = 2Qs. The mkt demand equation is: P=10-.1Qd and the mkt supply equation is: P= 2+.1Qs. What is the market equilibrium price and quantity? What is the optimum output for each of the firms when market is in equilibrium? What is the value for variable costs when each firm is producing its optimum output?
Assume that the labor supply curve to a firm is the one given in Problem 1 above that is, (E=5W). If the firm’s marginal revenue product of labor (MRPL) 240 – 2E, what is the profit-maximizing level of employment (E* ) and what is the wage level (W *..
What are the economic and political arguments for regional economic integration? Given these arguments, why don't we see more integration in the world economy?
Suppose demand and supply are given by Qd =60 - P and Qs =P - 20. (L03, L04). a. What are the equilibrium quantity and price in this market?
A prominent senator has calculated the total social benefit of the currant amount of space exploration at $3 billion per year. The total social cost of space exploration is currently only $2 billion. The senator argues that there would be a net gain ..
The random variable is the number of employees who judge their co-workers by cleanliness. Which outcomes of this binomial distribution would be considered unusu
Describe three benefits for every country using the same GAAP; that is, IFRS?
Why does Apple tightly hold on to the development of iOS but outsources some of the design and all the manufacturing of iPhone handsets?
International Current Events Research on Ethical Missteps or Social Responsibility. Where you found it - please provide a live hotlink to the article. The two countries involved.
We want to determine if the training program was effective. Compute the test statistic. At 95% confidence, test the hypotheses. That is, did the training program actually increase the production rates?
In 2007, five or six major pharmaceutical companies formed a group in order to control the price of vitamins and adjust their production. Such an arrangement is called a ________.
What are the most important characteristics that might have considered cause and effect relations in explaining slow pace of economic development of low-income countries? Give relevant data in supporting your logics for specific country study.
The Lewiston Lodge of Elks sponsored a golf tournament at the Fairlawn Country Club in Poland, Maine. For promotional purposes, Marcel Motors, an automobile dealership, agreed to give any golfer who shot a hole in one a new Dodge automobile. Was the ..
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