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At its current level of production a profit-maximizing firm in a competitive market receives $15 for each unit it produces, and faces an average cost of $10. At the market price of $15, the firm’s marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. A. Draw a diagram that depicts the typical firm in this market. B. What is the firm’s current profit? C. What changes are likely to occur in this market and why?
The Colleges are facing issues of survival after the government further cut their funding. Two colleges have decided to merge to safeguard their provision and safeguard their staff jobs. List the major stakeholders that will be effected by the colleg..
Short-run aggregate supply curves reflect an inverse relationship between the price level and the level of real output. The long-run aggregate supply curve assumes that nominal wages are fixed. In the long run, an increase in the price level will res..
Mcdonalds spends millions of dollars each year on legal protection of it's brand name, thereby preventing any unathorzed use of it. Explain what information this conveys to you as a customer about the quality of Mcdonalds products
What is likely to happen to the supply of any good when a price ceiling is imposed?
One container requires 2 days in fabrication time. Setup times are negligible. If policy variable for unforeseen circumstances is 10 %, how many containers should management authorize for lens replenishment system.
Compute the price elasticity of Demand for paint also Elucidate how your calculations. Decide whether the Demand for paint is elastic, unitary elastic or inelastic.
Economics 350K: Energy Economics Spring 2016. Determine both firms' reaction functions. Draw a diagram showing the reaction functions for the two terms as well as the profit maximizing output level for both firms
Suppose that a firm's production function is Q= min{K,L} . Currently, the wage is w= 8 and the cost of capital is r=8. What is the minimum cost method of producing Q=40 units of output? Suppose that wages fall to w=4. Keeping total cost the same, wha..
q1. consider the supply curve qs 4p. what happens to the price elasticity of supply along the curve as the quantity
Illustrate what are the advantages of using capital in the production process. What is meant by the term "division of labor".
Four political candidates are deciding whether or not to enter a race for an elected office where the decision depends on who else is throwing his or her hat into the ring. If we assume that their choices are consistent with Nash equilibrium, who wil..
You just purchase a coupon bond with a face value of $1000, 6% coupons, and three years remaining to maturity. Assume that all markets are 7% A) what is the duration of this bond B) Compute the exact price change(using the present value formula) if i..
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