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Consider a competitive industry with a large number of firms, all of which have identical cost functions c(y)=y2+1 for y>0 and c(0)=0. Suppose that initially the demand curve for this industry is by D(p)=52-p. (The output of a firm does not have to be an integer number, but the number of firms does have to be an integer.) 1. What is the supply curve of an individual firm? If there are n firms in the industry, what will be the industry supply curve? 2. What is the smallest price at which the product can be sold? 3. What will be the LR equilibrium number of firms in the industry, equilibrium price, equilibrium output of each firm, equilibrium output of the industry?
Write a paragraph in which you describe the conditions under which a Web site could become profitable by relying exclusively on advertising revenue. In second paragraph
Describe the following phenomenon from a perspective of methodological individualism and social science. Americans drink coffee; the British drink tea.
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One of the functions of price is to ration resources and goods and services. What do we mean when we say price serves as a rationing device? Elaborate your response in relation to scarcity and in terms of the demand and supply model
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can country A change the outcome of the game by burning the bridge they are crossing to invade and committing its troops to fight? expand the game tree to show this option for county A and find the new Nash equilibrium. Explain
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question 1 a partial income statement from sizzling foods inc. is shown belownbspnbspnbsp 2011revenuesrevenue from
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