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You are the economist of a firm with market power. The inverse demand for your product is given by P= 200 -10Q and your marginal cost is 5 + Q.
a. What is the profit-maximizing level of output?
b. What is the profit-maximizing price?
Is the US economy moving more toward concentration or toward competition? If it's moving toward concentration, there is a need for antitrust laws. But if it's moving more toward competition (the view of the Chicago school), do we really need antitrus..
What is present amount worth & future amount worth? (Use graphs and equations) Suppose you are offered the alternative of receiving either $3,000 at the end of five years or P dollars today. Because you have no current need for the money, you would d..
Assume the demand for gasoline is perfectly inelastic—i.e., the demand curve is vertical. If a tax is levied on the producers of gasoline, what percentage of the tax collection would be paid by the consumers of gasoline 0% or 100%? Explain.
Imagine that it is the year 2199. Technology has progressed at an incredible pace. The latest discovery is the plutonium engine, which is capable of converting plutonium, a by-product of nuclear fission, Describe the economic outcome of this single-p..
The problem escalates in the fall of each year during deer mating season as more deer are one the move. While deer whistles and other vehicle warning systems appear ineffective in dealing with the problem, clearing brush in the road ditches to make d..
Which of the following problems are likely to be studied by a macroeconomist and which by a macroeconomist?
The college has annual fixed costs of $10 million, also the variable cost for every additional student is $5,000.
The right demand shift results into an increase in equilibrium price. The price down of necessity goods results in increases of both demand and total revenue. The price down for long-run results in increases of both demand and total revenue.
Should the objective of the firm be shareholder wealth-maximization. Illustrate what are the limitations of the wealth-maximization model of the firm. What are the alternative models of the firm.
Suppose the demand function for an industry is given by Q d T = 200 9PT Where Qd T is the quantity demanded that this market is facing, and PT = $15 is the market price. Suppose the elasticity of demand for one of the firms in the market is -6.14: th..
What happens with no diminishing returns? Consider a Solow model where the production function no longer exhibits diminishing returns to capital accumulation. Draw the Solow diagram in this case. What happens to the growth rate of per capita GDP over..
Which of the following changes would shift the demand curve for a good or service?
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