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Widgets are sold by a constant-cost industry where each firm has fixed costs of $60 and each firm has the following marginal cost curve: Quantites (widgets): 1,2,3,4,5,6. Corresponding MC ($): 10 20 30 40 50
In long run equilibrium, what is the price of a widget? The city would like the price of widgets to change. Plan A is to give each firm a fixed subsidy each year; Plan B is to give each firm an excise subsidy (that is, a subsidy per widget). b) Which plan is more effective in the short run? c) If the city wants the long run price of a widget to be $20, what is the amount of the per-firm subsidy it must offer under Plan A? d) If the city wants the long run price of a widget to be $20, what is the amount of the per-widget excise subsidy it must offer Plan B? e) If the city wants the long run price of a widget to be $20, which plan is more expensive?
Suppose you own a house in Mobile, AL. Your house is currently worth $200,000. Suppose there is a 5% chance that a good destroys your house, in which case it will be worth $0. You have $50,000 in your bank account. What is the expected value of your ..
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..
An engineer borrowed $3000 from the bank, payable in six equal end-of-year payments at 8%. The bank agreed to reduce the interest on the loan if interest rates declined in the United States before the loan was fully repaid. At the end of three years,..
llustrate what will be the equilibrium price also quantity in the market. Illustrate what is the total market profit also consumer surplus.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
Illustrate the effect of increasing Government spending on all the macro-economic variables assuming a horizontal AS curve.
Why is the purchasing of new housing included in the investment component of GDP rather than the consumption component? Also any reason why household purchases of new cars should be included in investment rather than in consumption?
The maintenance on a machine is expected to be $155 at the end of the first year, and increasing $35 each year for the following seven years. What present sum of money would need to be set aside now to pay the maintenance for the eight-year period? A..
If government industry regulators underestimate the degree of competition in an industry are they likely to over-regulate the industry? Explain.
In multiple regression analysis, explain why the typical hypothesis that analysts want to test is whether a particular regression coefficient (B) is equal to zero (H0: B = 0) versus whether that coefficient is not equal to zero (H1: B ? 0).
Illustrate what are the levels of income every worker and consumption per worker.
Two identical firms, Firm 1 and Firm 2, compete in quantity in a market where inverse demand is P(Q) = 100 − Q and there exists a constant marginal cost of 20 per unit. Find the Stackelberg equilibrium. Find the Cournot equilibrium
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