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Beta Industries manufactures floppy disks that consumers perceive as identical to those produced by numerous other manufacturers. Recently, Beta hired an econometrician to estimate its cost function for producing boxes of one dozen floppy disks. The estimated cost function is.
a. What are the firm's fixed costs?
b. What is the firm's marginal cost? Now suppose other firms in the market sell the product at a price of $10.
c. How much should this firm charge for the product?
d. What is the optimal level of output to maximize profits?
e. How much profit will be earned?
f. In the long run, should this firm continue to operate or shut down? Why?
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
Fill in the table indicating whether the new Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new equilibrium price and quantity will increase, decrease, or not change.
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
How much does the gross price increase in each market
Using the IS/LM model, demonstrate the effect of each of the following changes.
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
The intent of this week exercise is to familiarize with EXCEL and to gain experience and practice in interpreting the output generated by most statistical packages (EXCEL) when linear regressions are run on a set of data.
With the help of an AD-AS diagram, explain the effect on the price level and real GDP. Use an upward sloping AS curve and be clear about the interconnections among markets.
The largo publishing house uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, and the price of the printing press is $5,000.
You are a pricing manager at Argyle Inc. - a medium-sized firm that recently introduced a new product into the market. Argyle's only competitor is Baker Company, which is significantly smaller than Argyle.
Assuming that there are only two goods, and the other good (food) is capital intensive, show the equilibrium points of production and consumption in ALFA, before and after trade.
Suppose that the governmental authorities wished to decrease use of a pesticide that is leaching into groundwater supplies in a watershed by 60% from current use levels.
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