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A monopolist faces the inverse demand curve: p(Q)=100-4q and a cost structure of: C(q)=q^(2) + 10q What is the profit maximizing amount of output for the firm and how much profit do they make at this level of production?
Which of the following is a leakage from the circular flow?
Answer this question based on the payoff matrix above for a duopoly in which the numbers indicate the profit from following either an international strategy or a national strategy. Refer to the above table. If firm A chooses an international strategy..
Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..
Which of the following is true about income levels in Western Europe and Latin America before 1700? Average income in Western Europe was higher than that in Latin America.
Tom views orange juice and apple juice as perfect substitutes: He is always indifferent between 3 glass of orange juice and 2 glass of apple juice. Suppose the price of orange juice is $1 per glass and the price of apple juice is $2 per glass. Tom ha..
Critically evaluate and explain: in monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.
Studies have fixed the short run price elasticity of demand for gasoline at the pump at -.20. Suppose the international hostilities lead to a sudden cutoff of crude oil supplies. As a result, US supplies of refined gas drop 10 percent. How would the ..
At 25 cents apiece, Mrs. Brown sells 100 candies per week. If she drops his price by 20 cents, her weekly sales will increase to 110 candies per week. Is the demand for candies elastic or inelastic? Provide three everyday examples to illustrate what ..
A man is planning to retire in 20 years. Money can be deposited at 8%, compounded monthly.It is estimated that the future general inflation rate will be 3% compounded annually. What deposit must be made each month until the man retires so that he can..
During the 2008 financial crisis and the subsequent recession, how did major U.S. banks respond to the actions of the Federal Reserve? How did those monetary policy actions affect U.S. businesses and households?
Anti nuclear activists sued the AEC over the Calvert Cliffs Environmental Impact Statement. In 1971 the Federal Court (via judicial review) ruled that the AECs must do what? Why is this significant?
Illustrate what is the maximum price of capital at which the firm will still make nonnegative profits.
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