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Suppose that a perfectly competitive firms’ Total Cost function is given by: SRTC(q) = 50 + 80q –10q2 + .6q3 a. What is fixed cost equal to? What is Variable Cost equal to? b. What is Marginal Cost equal to? What is Average Variable Cost equal to? c. Find an equation for the inverse supply curve of the firm. Hint: the supply curve presumes profit maximizing outputs at any market price. d. Below which market price (a number) will this firm choose to produce 0 output? e. Choose a market price that is between Average Cost and Average Variable Cost. Will the firm choose to produce a positive output level? Depict this output level in a graph that includes all the appropriate curves. Explain verbally (and with numbers) why this firm would choose to produce the output you chose. f. What does it mean by a firm to be a price taker? What is the implication of this for the individual firms’ demand curve? You must also mention in your answer the term elasticity (correctly of course). g. If the firm’s cost curve shifted down, what would this do to the firm’s supply curve? Justify your answer with an example using the short run total cost curve above.
What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
Given the market for corn in equilibrium, show the effect on price and quantity of the following simultaneous occurrences: Good weather results in a 10% increase in the harvest of corn. A medical report is published that concludes that consumption o..
Explain why the cost structure associated with many kinds of information goods and services might imply a market supplied by a small number of large firms. (At the same time, one internet business such as grocery home deliveries have continually suff..
What is happening to the US real exchange rate in each of the following situations? Explain.
Define Absolute convergence in the Solow Growth Model. Define Conditional Convergence in the Solow Model.
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
Suppose a linear demand function is estimated for good x as, Qd = 100 – 4*Px + 6*Py + M. where Px = $4, Py = $2, and M =10. M is the average income of consumers, measured in thousands of dollars. What is the relationship between good x and y?
Explain how many hamburgers does Ron produce. Illustrate what price does Ron charge for a hamburger.
Wealth holders around the world reacted to the Greek Debt Crisis by selling European financial assets and buying U.S. financial assets. Explain why their action changed the exchange rate between euros and dollars. Did their action strengthen or weake..
For an industry with MAC = 500-2E and MDC = 3E: Calculate the socially efficient tax rate. What is the total compliance cost to the industry if the socially efficient tax is charged? What are the net social benefits of the socially efficient tax?
Assume that Consumption decreases by $25 million, Investment increases by $10 million, Government Purchases increase by $60 million, Exports decrease by $30 million and Imports decrease by $55 million. What is the net change in GDP in $million?
A risk-neutral individual would:
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