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Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 800 + 25 q + 0.5 q2, and your marginal cost function is MC = 25 + q. The (short run and long run) market demand curve is given by Q = 2,750 – 5P. a. Find the supply curve for your firm. Show work. Then, find the short-run market supply curve. Show work. b. Find equilibrium price, P*, and quantity, Q*, in the market in the short run. Show work. c. Find the lowest price at which your firm will not exit the market in the long run. Show work. Referring to your answer in part b, should your firm exit the market in the long run if P* in the market does not increase over time? Explain. d. If you choose not to exit, how many firms (including your own) do you expect to be in the market in the long run? Show work, and explain.
Assume there are two health insurance plans, Plan A and Plan B. Plan A • $1,000 annual premium • $5,000 annual deductible • 50% co-insurance on health care spending between $5,000 and $7,000 • 25% co-insurance on health care spending between $7,000 a..
The net result was the Japan's automobile industry improved its productivity throughout this period relative to the US, which generally just kept up with inflation due to its already high rate of accumulated experience also relatively slow growth.
Illustrate what is the GDP of George's and John's island in terms of clamshells.
Discuss the strategy at HK Disneyland in the context of standardization versus differentiation of attractions.
Assume the market for fertilizer is perfectly competitive and is in equilibrium. Draw a graph for the Supply and Demand for fertilizer as well as a graph for the individual firm. A change in the weather causes an increase in demand for fertilizer. Dr..
Politicians are often heard saying that tuition at state universities should be kept low "to make education equally accessible to all residents of the state, regardless of income." Think about the flu shot in the context of a public good. What are th..
The demand curve facing a monopoly firm is given by the equation P = 1000-5Q. The firm produces at a constant marginal and average cost equal to $100. Using this information, calculate: The profit maximizing quantity; the profit maximizing price; tot..
Brand X contains 20, 2 and 1 units of the minerals, while Brand Y contains 4, 1, 2 units of the minerals respectively. Brand X costs $18 per kg while Brand Y costs 6 per kg.
Cost-effectiveness analysis compares the value of an innovation with its cost. Cost cutting cannot increase profits. Insurance creates a principal-agent relationship that is not common outside of healthcare. Which function of management is most conc..
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B (H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB (H)=420-80H and MC(H)=100+240H.
Suppose there is a sudden expectation of a substantial decrease in interest rates. What will this do to the demand for long term securities? What will this do to the demand of short term securities?
Suppose all workers have the same preferences represented by U = (sqroot)w - 2x , where w is the wage and x is the proportion of the firm’s air that is composed of toxic pollutants. what is the wage in dirty jobs? What is the compensating wage differ..
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