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Question: Suppose that a firm in a perfectly competitive market has the following cost curve:
C(q) = 10 + 3q+q^2
The market price is 9.
a) What is the profit at the profit maximising level of output (assuming non-zero production)? Show your working.
b) In the short run, should the firm continue to produce, or shut down? Explain.
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Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
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you have been hired as a consultant by your local mayor to look at the various market structures. your role is to
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Consider a situation in which a risk-neutral principal wishes to contract an agent to work on a project. The project produces output x = e + e.
Is the long-run supply curve of a competitive firm typically longer than the short-run supply curve. Explain your answer within 40.
The New York City Council would like to increase the weekend ridership of the subway system. Illustrate the budget line associated with voucher program
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