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A market contains a group of identical price-taking firms. Each firm has a marginal cost curve SMC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds $20 per unit and will shut down if the price is less than $20 per unit. The market demand curve for the industry is D(P) = 240 − P/2, where P is the market price. At the equilibrium market price, each firm produces 20 units. What is the equilibrium market price, and how many firms are in this industry?
A firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
For each of points 'a', 'b', 'd' and 'e' on the graph, calculate the price elasticity of demand (PED) and state the nature of elasticity (e.g. perfectly inelastic) at that point.
Cigarettes are subject to a federal tax, which was about 40 cents per pack in 2007.What does this tax do to the market-clearing price and quantity?
Imagine your boss in the United States home office wants to know your perspective on the following. How do international sanctions, tariffs, quotas,
A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and society at large for encouraging harmful
Find and expression for the marginal rate of substitution (MRS x,y ) at any point (x, y). Suppose x = 3 and y = 2, what is the MRS x,y ?
Which of the following is not one of the explicit functions of the Federal Reserve granted by Congress.
With use of a graph, explain how these two programs affect cigarette consumption and explain the combined effect of these two programs on the price of cigarettes.
Lambert-Rogers Co. is a manufacturer of petrochemical products. The firm's research efforts have resulted in the development of a new auto fuel injection cleaner that is considerably more effective than other products on the market.
one reason for rising interest rates was the prospect of a refinancing issu; a $12 billion issue matures April 1 , and the governmoent is expected to seek some new money ,in excess of its refinancing needs. why dosent the government get the center..
Consider a market where supply and demand are given by QXS = -12 + PX and QXd = 90 - 2PX.
Compute the formula for Bob's indi erence curves by setting U(C, P) = k for some constant, k, and solving for P as a function of C and explain what this term means economically, and what it tells us about Bob's preferences, and about his willingnes..
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