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Assume that two firms operate in a market which has a demand function Q = 12 - 1P. Firm 1's output is designated by q1 and firm's 2's output is designated by q2. Because there are only two firms, the output on the market Q is equal to the sum of the two firms' outputs q1 and q2 respectively. It is important to note that, in this market, each of the two firms has a substantial impact on the market price. It is not like the model of pure competition where there are a sufficiently large number of firms that each firm has such a negligible impact on price that it takes the market price as given.
If firm 1 produces 2 units and firm 2 produces 4 units for sale, what is the total amount spent on the good in the market?
a. $32
b. $20
c. $36
d. none of the above
Velocity remains constant at 8 and the money supply increases from $200 billion to $300 billion. If real GDP increased by 10?%, then the price level increased by __ ?%?
A production function specifies the maximum output attainable from a given amount of inputs. The relation between output and variation in only one input is: return to scale OR returns to a factor OR Continous. Isoquants are the production analogy to ..
What is the dollar value of the deadweight loss when output level Q3 is produced? What is the total surplus when output level Q3 is produced?
A paint firm has just announced that it will be building a new plant in a small town that is currently experiencing a high level of unemployment. The new plant will create 500 new jobs in the area and will occupy unused land at the edge of town.
The recent merger of US Air with American Airlines received both national and local attention. The U.S. Department of Justice contested the merger on the basis that it would produce harmful monopoly-like behavior in many airline markets. Develop an a..
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is identical, with Total Cost TC= 1+0.5Q+2Q? Which gives Marginal Cost MC= 0.5+4Q. Currently th..
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According to the production function, with 300 labor hours, Illustrate what is this economy's capacity to produce.
Identify at least one deterrent of the Internal Revenue Code (IRC) used to discourage the payment of bribes and kickbacks to foreign officials.
A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. According to these numbers, what did the hospital cost approximately.
Identify and explain five major factors that affect the demand for starbucks. Illustrate what do you think will happen to these factors over the next year.
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