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In the following question, all dollar values are expressed in thousands of dollars. Suppose that the total city-wide demand function for private school seats Q is given by: Q(p) = 24710 - 2500p Each private school's long run total cost function is given by: TC(q) = 900 + 0.655q^(4/3). Then, each private school's marginal cost function is given by MC(q)=(4/3)x0.655q^(1/3) A) Calculate the average cost AC(q) B) In order for the private school market to be in long run equilibrium, how many children are served in each private school? What is the tuition (per seat in the school) charged in each private school? C) How many private schools are operating?
1. determine whether the following production functions exhibit constant increasing or decreasing returns to scale.
What type of unemployment is the quote referring to? What may happen if workers become discouraged?
Describe the market growth rate for product and service.
A popular magazine offers a lifetime subscription for $1000. Such a subscription may be a given as a gift to an infant at birth (the parents can read it in those early years), or taken out by an individual for himself.
Draw a graph of aggregate demand and aggregate supply to illustrate the current situation. Be sure to include the aggregate demand curve, the short run aggregate supply curve and the long-run aggregate supply curve
Sam and Julie are talking about how much they like going to the fitness and how much they like eating out at their favorite restaurant. A session at the fitness costs the same as a meal at the restaurant. Sam says that, for his current consumption..
Is this measure stabilizing or destabilizing. Suppose all states were committed to a balanced budget philosophy and the economy moved into a recession. What effects would this philosophy have on the size of the federal deficit.
The mayor of Wappingers Falls was told by your Microeconomics class that gasoline has an inelastic demand and raising the price of an inelastic product raises revenue. The mayor wants to raise town revenues and decides to raise taxes
Explain the various major reasons why the quantity of education in a country would likely be less than the efficient amount in the absence of any government intervention. Include a carefully labeled and well-explained supply-demand diagram that sh..
the problem of public-sector employee performanceit is generally recognized that one of the core problems of
a study of 86 savings and loan associations in six northwestern states yielded thefollowing cost function c 2. 38 2.84
the marginal cost of educating a college student is 5000.00 a year. the table below shows the marginal private benefit
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