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Always Round Tire is the only producer of tires for the new British import, the Maxi Copper. Demand for a set of four tires is P = 800 - 5Q (note: Marginal Revenue has twice the slope as the demand curve) while the cost incurred by the firm is MC = 15Q. What would be the monopoly price quantity? What would happen to price and quantity if the market was perfectly competitive (assuming the same costs)?
Calculate the price elasticity of gasoline. Calculate the price elasticity of demand for gasoline. Calculate the elasticity of supply using the information provided. Calculate the changes in consumer and producer surplus.
An investor is considering the construction of a new marina on the Detroit river at a cost of $68m. M&O costs will average $80,000 per year for the first five years, and rise to $100,000 per year thereafter. A major overhaul costing $12m will be requ..
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 80 - 0.25P, and the marginal cost of production is $120. Determine the optimal number of units to put in..
Find an article (newspaper, magazine, or online) that identifies a shift change in supply and demand. Use the article to answer the questions: Indicate if the shift has already occurred, maybe occurring currently, or may occur in the future. Is the m..
Match each principle to the scenario. Each principle is only used once. The Cost of Something Is What You Give Up to Get It. Rational People Think at the Margin. People Respond to Incentives. Trade Can Make Everyone Better Off.
A random variable X is normally distributed with a mean of 100 and a variance of 500, and a random variable Y is normally distributed with a mean of 200 and a variance of 400. The random variables have a correlation coefficient equal to -0.5. Find th..
Explain how a monopolist chooses its profit-maximizing price and quantity. The paper should then discuss how the monopolist’s profit-maximizing decision affects price, quantity traded, consumer surplus and producer surplus, compared to a competitive ..
Suppose the restaurant’s cost function for shrimp balls is C(Q) = 2500 + Q + Q2, and the marginal cost curve is therefore MC(Q) = 1 + 2Q. What is the variable cost function? What is the average variable cost function? What is the average cost functio..
After the FOMC announces a change in the target fed funds rate, the Fed's trading desk in New York engages in a(n) _____ open market operation.
Derive, from first principles, the equilibrium level of income. Derive the Keynesian expenditure multiplier. If T = tY, derive the equilibrium level of income.
Illustrate graphically the effects of both policies on the market for cigarettes. In your discussion answer the following: Are these two programs at odds with the goal of reducing cigarette consumption?
Use separate graphs to sketch two indifference curves for people with each of the following utility functions.
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