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The U.S. Postal Service is facing increased competition from firms providing overnight delivery of packages and letters. Additionalcompetition has emerged because communications can be sent by emails, fax machine, and text messaging. What will be the effect of this competition on the market demand for mail delivered by the post office?
Market demand is given as QD = 200 - 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q andATC = 0.25Q. 1.) What quantity of output will a typical firm produce 2.) What is a firm's average total cost 3.) What is each firm..
1. Consider the following wage equation that has been estimated from a random sample of 35-65 year old older male workers:lnwi =3.825+0.152age-0.0014age2+0.103edui+εi (1) (12.10) (3.18) (2.05) (5.08)
Over the past year Sonya bought $10,000 worth of cards. She sold these cards for $58,000. Sonya rents a shop for $5,000 a year and spends $1,000 in utilities. Sonya owns a cash register which she bought for $2,000 with savings. Her bank pays 3% a ..
Today the average undergraduate student is responsible for paying off a $3,500 balance on his credit card. Suppose the monthly interest rate is 1.75% (21% APR). How many months will it take to repay the $3,500 balance
The income elasticities of demand for movies, dental services, and cloting have been estimated to be +3.4, +1, and +.5, respectively. Interpret these coefficients. What does it mean if an income-elasticity coefficient is negative
Consider the production function Q= 20K1/2L1/2 The firm operates in the short run with 16 units of capital.Using the marginal product (MP) function derived in part c, the marginal product is _____ when 160 units are produced.
1. suppose the demand for baseballs is given by q 200 - 8p.a what is the price elasticity of demand when p 6?b at
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes
Your company owns a parcel of land in a currently undeveloped part of the county. As the neighboring city grows eastward, you believe there is a 50% chance of residential development, a 20% chance of industrial development, and a 30% chance of no ..
Qs= 3p Qd= 100-2p a) Suppose a tax of $5 is imposed on the buyer. What will be the price paid by the buyer after this tax What will be the price received by the seller What quantity is sold Show your calculation.
If she doesn't become a full-time MBA student, her next best alternative is to accept a job she's just been offered, which pays $30,000 per year. Moreover, she can expect a 5% salary increase each year with the employer.
Suppose that in the domestic market for computer chips the demand is Pd = 110 Qd . The domestic supply is Ps = 10 + Qs . Foreign suppliers would be willing to supply any number of chips at a price of 30$.
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