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Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
Operating Cash Flows. Laurel's Lawn Care, Ltd., has a new mower line that can generate revenues of $120,000 per year. Direct production costs are $40,000 and the fixed costs of maintaining the lawn mower factory are $15,000 a year.
Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:
Assume that instead of maximizing profit, the firm wants to maximize total revenue. Using algebra determine the optimal output, price, profit and revenue for the firm.
A Firm has total cost function given by following: What is the Total fixed cost when Q = 100? And Average fixed Cost when Q=100?
Output maximisation and cost minimisation
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