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Complete the following table and identify the profit-maximizing output.a.
b. What is true about marginal revenue and marginal costs when profit is maximized?
c. What would be the profit-maximizing level of output if price fell to $9?
Illustrate your answer with aggregate demand and supply curves. What would you expect to be the effect on interest rates if the Fed held the money supply constant? Tell a complete story.
The only difference is that now when two agents agree on (50, 50), each gets 20 as a bonus. What are the Pareto optimal allocations. (An allocation specifies how much each agent ultimately gets.) What the bonus associated with (50, 50) is 60 each.
You are a monopolist selling bowties for dogs. If B is the number of bowties, you have a total cost given by C=(B^2)/2 and a Marginal cost given by MC=B. The market for bowties is characterized by an inverse demand curve of P=90-B.
Suppose that the government introduces a price support for mushrooms and sets the support price at $6 per pound. Who gains and who loses? What are the quantity of mushrooms produced, the surplus, and the deadweight loss?
Tourists will not return to this area, and they have no information about the relative quality of the food at various restaurants, but they can determine the relative price by looking at menus posted outside each restaurant.
Families USA, a monthly magazine that discusses related to health and health costs, surveyed 30 of its subscribers. It found that the annual health insurance premiums for a family with coverage through an employer averaged $16,469.
A high-precision programmable router for shaping furniture components is purchased by Henderson for $190,000. It is expected to last 12 years. Calculate the depreciation deduction and book value for each year using MACRS-GDS allowances.
A monopolist has a linear inverse demand of: P(q) = 100 - (1/4)q and has a cost function of: C(q) = 2438 + 4q What are the monopolistic market price, quantity and prots
Harry marries Sally. The marriage contract raises the cost of exiting a relationship, and thus, for any given level of Harry's expenditure, Sally is less likely to dump Harry. Illustrate the effects of the marriage contract in the accompanying gra..
On a tropical island there are 100 potential boat builders, numbered 1 through 100. Each can build up to20 boats a year, but anyone who goes into the boatbuilding business has to pay a fixed cost of $19. Marginal costs differ from person to person..
What is the annual equivalent value of a geometrically increasing series of payments which has first-year base of $10,000 increasing by 12% per year for 10 years with an interest rate of 6% compounded monthly
In Section 13.9 you were introduced to the Schwarz criterion to determine lag length. How would you use this criterion to determine the appropriate lag length in a VAR model? Using the data on PCE and PDI given in Table 21.1, develop a bivariate V..
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