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The total cost of production for your firm is 5000 + 200Q, where Q is your level of output.
(a) For what levels of output does your firm have economies of scale? Is this a case for natural monopoly? Why?
(b) Now assume you are a monopolist, and the demand for your product is P=2000-5Q. What price will you charge? How much deadweight loss will your firm create?
(c) Now assume your firm is subject to regulation, where price is set equal to average cost. Now what will your price be? How much deadweight loss will your firm create?
(d) After the election, you decide your firm is not making enough money. So you hire the lobbying firm C&E. C&E are able to convince regulators that you should set your price equal to 110 percent of your (average) costs. Now what is the price and deadweight loss?
What is wrong with this specification? Why is least squares unable to estimate the parameters in this model uniquely? What happens when you try to estimate this model using STATA? Verify that the coefficients on education and experience variables f..
What is the probability that the interval [Z-1, Z+1] contains the value 0? e.) What is the probability that the interval [Z-1, Z+1] contains the value 2? f.) What is the probability that the interval [Z-1, Z+3] contains the value 2? g.) What is the p..
US and Canada can both grow wheat and can do mining. Use the following table to look for which country has a comparative advantage in mining. (Hint: Find the Absolute Absolute Cost in US Cost in Canada Wheat $5 C$8 Mining $10 C$12 c..
Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be?
Determine when a competitively produced product generates negative externalities in production, the industry will,
UPS Freight plans to spend $100 million on new long-haul tractor-trailers. Some of these vehicles will include a new shelving design with adjustable shelves to transport irregularly sized freight that requires special handling during loading and u..
At a particular academically challenging high school, the average GPA of a high school senior is known to be normally distributed with a variance of 0.25. A sample of 20 seniors is taken and their average GPA is found to be 2.71
Explain the process through which money is constructed. Describe how current events less than ninety days have affected this process and the effect current events will have on the economy as a whole.
A firm has $1,100,000 in sales, a Lerner index of 0.62, and a marginal cost of $55, and competes against 1000 other firms in its relevant market. Instruction: Round your answers to 2 decimal places.
An investment of $18,000 is expected to generate annual revenue of $8,000 throughout life of the investment. The risk is based the life of the investment. The estimate of probabilities for the duration of the investment is given in the table below..
Stephen Zehnder, an enterprising engineer, wants to get into business. He is looking at the following two alternatives. He has compiled the cost data for both alternatives as shown in table below. If Stephen wants to have at least a rate of return..
Advertising can inform purchaser, but sellers must incur expenses to advertise. If so, advertising can result in higher prices to customers.
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