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The long run cost function for a firm in a perfectly competitive industry is C^LR=q^3-150q^2+7800 a. Find the level of output which minimizes long run average cost. What does long run average cost equal at this level of output? b. Draw a diagram for the firm showing it in long-run equilibrium. Show LAC, LMC, Demand, and MR curves facing the firm. Clearly indicate the long run equilibrium price and quantity on your diagram. Discuss the relationship between LMC and LAC and explain why the LR equilibrium is reflected by this graph.
q1. when the firms in the industry are just able to cover their cost of production economic profit is 0. consequently
What is the rate of inflation of the U.S. dollar is 5% and the rate of inflation of the Japanese yen is 2%. What is the percent change in the real $/Y exchange rate.
q. a pharmaceutical firm faces the following monthly demands in the u.s. and mexican markets for one of its patented
Julia’s grade in her history class depends on a term paper and a final exam. Her grade will be the minimum of the two scores. She has 1,200 minutes to devote to her history class, and she wants to maximize her grade. Putting the final exam score on t..
If a consumer is given a $10 gift certificate good only for items in store X, and all items in store X are normal goods, then the consumer desires to consume: Select one: a. more goods in store X. b. fewer goods in store X. c. the same amount of good..
Assuming sum-of-years digits depreciation, what book value will Model-I have after two years.
If the price elasticity of demand is known to be -0.5, what is the coefficient if the initial price is 10 and quantity demanded is 100?
A. Calculate the arc price elasticity of demand for appetizers B. Calculate the arc cross-price elasticity of demand between beverage sales and appetizer price
Why might we not expect free trade to affect the general unemployment level in the economy, but it will affect some more than others?
Manufacturer A is starting to make Gismos at an initial production cost of $95 for the first unit and has been lowering the cost with a learning rate of 79 percent. Manufacturer B also started this year with an initial production cost of $288/unit wi..
Suppose the short-run equilibrium level of real GDP is $4,000 billion and the MPC = 0.75. If full employment (natural) real GDP is $5,000 billion, what fiscal policy action could the government undertake to put the economy at full-employment equilibr..
Suppose a bond which makes annual coupon payments has a coupon rate of 10 percent and 5 years to maturity. You wish to purchase one of these bonds and you require an 11 percent return on your investment. What price should you be willing to pay for th..
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