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The short run variable costs below are for a firm in a perfectly competitive market. All firms producing this good have the same costs. The demand is the market demand for the good this firm produces
FIRM MARKET DEMANDQ VC P Q P Q1 12 10 500 19 3202 21 11 480 20 3003 31 12 460 21 2804 43 13 440 22 2605 58 14 420 23 2406 78 15 400 24 2207 105 16 380 25 2008 140 17 360 26 18018 340 27 160
Find the quantity this firm will produce in the short run if the price of output is $20. If $20 is the short run competitive equilibrium price, find the number of firms in the market.
Clean Supreme is a corporation that produces and sells powdered laundry detergent in the U.S. The company has estimated the following regression equation for the demand of its Brand Z detergent:
How do the government bureaus different from private companies discuss why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?
When wekend prices skyrocket, some weekend golfers choose to play during the week instead. The greater difference between the weekday and the weekend prices, thegreater are the number of "defectors." How might this factor affect the operator's pri..
If the output changed to 75 units of bread and 60 units of butter, the profit of the butter firm would go up by $42. The profit of the bread firm would go down by $76. 50 units of butter which the consumed by the consumer.
Why would increased spending as a percentage of GDP on, say, household appliances or education in a particular economy be regarded as economically desirable. Why, then, is there so much concern about rising expenditures as a percentage of GDP on h..
Workers in Wet Seal and Forever 21 stores are considering forming unions in each store. The potential unions have information on labor demand. For Wet Seal, when the wage rises from $8 to $10, Wet Seal will reduce labor demand from 800 to 700.
Use the following data to answer the following question: Price level 10 20 30 40 50 60 70 80 90 100 Real GDP $500 600 680 750 820 880 910 940 960 970 supplied Real GDP $960 920 880 840 800 760 720 680 640 600 Demanded
Suppose that the inverse demand for shale gas is given by p = 400 - 2q. The private marginal cost of producing shale gas is PMC = 100 + q. Suppose that in order to produce shale gas at the PMC given above, the oil and gas (O&G) companies (that pro..
a bank is offering to sell 6-month certificates of deposit for $9500. At the end of the 6 months, the bank will pay $10000 to the certificate owner. based on a 6-month interest period, compute the nominal annual interest rate and the effective ann..
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good. The price of X and Y are $40 and $60 respectively. Use the following table of total u..
Weekly demand and cost relations for Sandpiper Products, Inc., are given by the equations P = $180 - $10Q (Demand) TC = $75,000 + $5Q + $7.5Q2 Where Q is the quantity produced and sold per week.
d. What happens to the interest rate if the money supply increases from 20 to 30 e. What happens to the interest rate if nominal income increases by 10% f. If the Federal Reserve Bank wants to increase the interest rate to 12%. At what level should i..
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