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Suppose that each identical firm in a competitive market has the following total cost function: TC = 722 + 2 200 that is the same in the short and the long run. Show all your calculations
a. What is the short-run supply curve for each firm (write q as a function of)?
b. Suppose the market demand is Qp=6500-100P and the market supply curve is Qs=1200P. Find the short-run equilibrium market quantity and price.
c. How much output will each firm produce? How much profit will each firm make in the short run?
d. Is this a long run equilibrium? If yes, explain why, if not calculate the long un equilibrium and explain how it will be
Depends on the evidence in this article and what you know about the economy in the United States, decide which of these statements is most likely to be true.
An increase in the price of the inputs, increases the marginal costs of producing pizzas, which decreases supply and increases the market price.
Select one of the four reasons Baye and Prince list for appropriate government intervention in the marketplace.
If the top 1% of the students receive a $400 scholarship, what is the minimum score a student would need to score to receive the award?
Using the diagram, suppose that producers need to have licenses to sell apples, and that only 90 units of apples are licensed (i.e. Q is limited to 90). Calculate: the reduction in the consumers’ surplus. the reduction in the producers’ surplus
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You are given an offer to split a $20 bill. The other player offers you $1. If you accept the offer, you keep the $1 and the other player keeps $19. If you reject the offer, neither of you will get anything. Do you take the offer? How could you take ..
Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased for $400,000. Its market value will be $310,000 at the end of the first year and dro..
The market for pizza is characterized by a downward-sloping demand curve and an upward-sloping supply curve.
Hyundai Case Study - Common case focuses on the operations of Hyundai, the Korean automobile manufacturer, in China.
If the Federal Reserve increases the money supply, the rate of return on investment (increases/decreases) and the value of the domestic currency (increases/decreases)
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