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The oil drilling industry consists of 60 producers, all of whom have an identical short-run total cost curve, STC(Q) = 64 + 2Q2 , where Q is the monthly output of a firm and $64 is the monthly fixed cost. The corresponding short-run marginal cost curve is SMC(Q) = 4Q. Assume that $32 of the firm's monthly $64 fixed cost can be avoided if the firm produces zero output in a month. The market demand curve for oil drilling services is D(P) = 400 - 5P, where D(P) is monthly demand at price P. Find the market supply curve in this market, and determine the short-run equilibrium price.
What do you understand by a ‘negative externality'? Consider the impacts of a negative externality on resource allocation and the policies which might be used to ‘correct' it.
Would you have recommended that the airline adopt the program? What would you have assumed about the responses of other airlines? Would this have been important to your assessment?
The small city of Le Locle has been served by the same local newspaper for the last 30 years called the Le Locle Tribune. The Tribune is written in a fairly conservative style yet, the demographic of the city is comprised of avid readers of a broa..
Consider the OLG model with warm glow preferences in Section 9.6, and suppose that preferences are given by c(t)ηb(t)1-η, with η ∈ (0, 1), instead of (9.21). The production side is the same as in Section 9.6. Characterize the dynamic equilibrium of..
Discuss the possible merits and flaws of this attitude.
suppose that the distribution of sales within an industry is as shown in the
Outline the audit steps that you would take to enable you to render an unqualified opinion with respect to the inventory. (You may omit consideration of tests of unit prices and clerical accuracy.)
The controller's assistant, Dongsung Young, who, a Certified Public Accountant (CPA), is asked to write the first draft of the internal control portion of the report.
At the profit-maximizing quantity, what is the price elasticity of demand? If the spring were owned by a government that applied the marginal principle, what price would it charge?
What has happened to the volatility of interest rates since 1982? Does your answer change if your measure of the interest rate is the ten-year government bond rate?
Characterize the equilibrium in this economy, and show that all the results are identical to those in Section 13.1.
Calculate the price elasticity of demand in summer for transit services and the cross-price elasticity of demand for transit with respect to the level of business activity.
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