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A perfectly competitive constant-cost industry has a large number of potential entrants. Assume that each firm minimizes its LRAC at an output of 20 units and at an average cost of $10/unit. Market demand is given by QD = 1500 – 50P. a. Draw a graph of the LR demand and supply for the market, including the LR equilibrium price and quantity for the market. b. How many firms produce in the long run? c. What is the consumer surplus (numerical value) at the competitive equilibrium? Identify the CS in your graph from part (a). d. What is the producer surplus (numerical value) at the competitive equilibrium? Identify the PS in your graph from part (a).
Identify each of the following taxes as being either progressive or regressive.
If we had efficiency in the duopoly, what would the market quantity and price be? How does this compare to your answer?
Discuss how a purely competitive firm might gain market power (and therefore no longer be a purely compettiive firm). Be detailed and specific. Why would a firm wish to gain market power? How would the firm's success in gaining market power affect th..
A city manager wants to invest a sum of money in an account that pays 6% annual interest to cover the monthly operating costs of the city's water treatment plant for the next 6 years. The monthly operating costs for the plant are projected to be $19,..
Cara has available h = 3000 hours per year for participating in the labor market and for leisure. She gets a wage w = $18 for the first 2,000 hours of work. If she works more than that, the wage on the additional hours is increased by 50%. She receiv..
Analyze how increasing the investment tax credit given to firms that make expenditures on new capital affects the dispersion of earnings. Describe the expected effects that college scholarships based on (i) student ability, and (ii) student need are ..
Please consider the case of oligopoly. Are there actually such firms in the U.S. economy? What is their relative importance compared to other types of markets? (Absolutely no need to do research on the Internet; some casual observations will be adequ..
sofa manufacturer presently is using 50 workers also 30 machines to produce 5,000 sofas a day.
The decision to take a stream of income available from sustainable forest management practices or clear cut timber on a private land depends on the interest rate. What are the implications of interest rate on the decision (both high and low)?
What is the cost to Lavaland of moving from point E to point F. Illustrate what general economic principle is being illustrated.
Through Internet research, find and describe three (3) examples of physical or mental problems covered by the American with Disabilities Act (ADA), and three (3) examples of physical or mental problems not covered by the ADA.
Greg Mankiw wrote in 2007 on the eve of the global financial crisis, "Congress made its most important contribution to taming the business cycle back in 1913, when it created the federal reserve system. Today, the Fed remains the first line of defens..
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