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Questions: Assume the model of monopolistic competition and economies of scale. Marginal costs are equal to $10 and fixed costs are equal to $500.
a. A firm in the industry is producing 20 and selling its output for $40. Will firms be entering or exiting the industry? Why?
b.Assume that in equilibrium before trade, there are 20 firms, each firm producing 20 units What will be the total output of the industry and the price of output?
c. Assume that in the after trade equilibrium, there are 14 firms, each producing 50 units. What will be the total output of the industry and the price of output?
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
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In this problem, we consider replacing an existing water heater with an array of solar panels. The net installment cost of the panels is $1260($2100 less a 40% tax credit from the government) Based on an energy audit the existing water uses 190 kilow..
A study noted that they charged a price for local telephone services that was roughly one-half of its cost of providing the services.
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