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Assume that a purely competitive firm is selling 2000 television sets a day at a cost of $90,000. Assume that if the firm sells 1600 units per day, its total cost would be $60,000, and if it sold 1000 units per day, it would have a total cost of $55,000.
Calculate the average total cost at these different sales levels.
Assuming that the cost structure for every firm in the industry is identical, do you think that the industry could be in long-run equilibrium?
If the industry is perfectly competitive, what would be the long-run equilibrium market price?
If your answer to c is the market price and every firm in the industry is earning a normal profit of 15 percent, calculate what that profit would be.
International trade has pros and cons. Economists generally support free trade. International trade has played a significant part in promoting economic development and technology transfer among countries. There are also various arguments in favor ..
The Medicare Payment Advisory Commission recently voted to suggested to Congress to institute a set of pay for performance incentives for providers serving Medicare patients.
What is the monopolist marginal revenue function and find the monopolist profit maximizing quantity and price and the deadweight loss of the monopolist.
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
Starting in late 1970s and continuing through the 2000s, business environment moved toward relying less on government regulation and more on marketplace to get desired economic targets.
Find the supply function for the hospitals and Suppose the hospitals merge into one umbrella organization to improve their bargaining position. What would the new price and equilibrium be?
Jim enters the town and makes a factory, which is employed by the locals. Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to empl..
Prince Sports wants to exploit a favorable trend-the dramatic growth in tennis participation. For example, a recent study by the Sporting Good Manufacturers Association notes that tennis participation in the U.S. was up 43 percent from 2000 to 200..
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
Compare the consumer surplus, producer surplus, and total surplus in this condition to those same measures in a perfectly competitive market.
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on them. She currently buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40, and the marginal utility of Beta is 2..
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
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