Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Gasoline is sold through local gasoline stations under perfectly competitive conditions. All gasoline station owners face the same long-run average cost curve given by AC = .01q-1 +100/q and the same long-run marginal cost curve given by MC = .02q-1 where q is the number of gallons sold per day. a. Assuming the market is in long-run equilibrium, how much gasoline will each individual owner sell per day? What are the long-run average cost and marginal cost at this output level? b. The market demand for gasoline is given by QD = 2,500,000 - 500,OOOP where Qo is the number of gallons demanded per day and P is the price per gallon. Given your answer to part a, what will be the price of gasoline in long-run equilibrium? How much gasoline will be demanded, and how many gas stations will there be? c. Suppose that because of the development of solar-powered cars, the market demand for gasoline shifts inward to QD = 2,000,000 - 1,000,OOOP In long-run equilibrium, what will be the price of gasoline? How much total gasoline will be demanded, and how many gas stations will there be? d. Graph your results.
“Devoting a larger share of national output to investment would help restore rapid productivity growth and rising living standards.” Do you agree with this claim? Explain, using the Solow model.
Suppose Jilbo can make 18 flower pots or 2 coffee mugs per day. Her cousin Jimbo can make 10 flower pots or 6 coffee mugs per day. What is the opportunity cost for Jilbo of producing 1 flower pot? of 18 flower pots? What is the opportunity cost for ..
The optimal price for a monopolist facing different demand curves in two separate markets will be. Which of the following statements is TRUE regarding network goods? Which of the following is NOT a feature of markets for network goods?
Illustrate would the gross receipts of strawberry growers be if the crop turned out to be 30,000 cases.
Construct a response to the Federal Reserve actions aimed at lowering long-term interest rates
If the countries split the market evenly, Illustrate what would be South Africa's production also profit
A firm in a purely competitive industry is currently producing1,000 unit per day at a total cost of $450. If the firm produce 800 units per days, its total cost would be $300, and if it produce 500 units per day, its total cost would be $275. What ar..
Deer have become increasingly apparent in a rural county. Last year it was estimated that there were 40 breeding pairs (a deer must reach the age of 1 to breed). Do you think it is likely that the deer population in the county is increasing? Will the..
Illustrate what were the major factors that have affected US household consumption While the recession in 2001
Mr. Sansome withdrew &1000 from a savings account and invested it in common stock. At the end of 5 years, he sold the stock for $1207. In the savings account, he would have received an interest rate of 3%, compounded quarterly. He would like to compu..
P is the price measured in a common currency used in both countries, such as the Thai Baht. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?
Suppose you decided to open a copy store. You rent store (signing a one year lease),and you take out a loan at the local bank and use the money to purchase 10 copiers. Six month later a large chain opens a copy store two blocks away from yours
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd