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Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $30 million per year and a variable cost of $4 per bag no matter how many bags are produced.a. If this firm kept on increasing its output level, would ATC per bag ever increase? (YesNo). Is this a decreasing-cost industry? (YesNo). b. If you wished to regulate this monopoly by charging the socially optimal price, what price would you charge?( $ per bag.) At that price, what would be the size of the firm’s profit or loss? At that price, the firm's profitloss equals $ million. Would the firm want to exit the industry? (YesNo). c. You find out that if you set the price at $5 per bag, consumers will demand 30 million bags. How big will the firm’s profit or loss be at that price?.d. If consumers instead demanded 40 million bags at a price of $5 per bag, how big would the firm’s profit or loss be? At that price, the firm's profitloss equals how many million? e. Suppose that demand is perfectly inelastic at 40 million bags, so that consumers demand 40 million bags no matter what the price is. What price should you charge if you want the firm to earn only a fair rate of return? Assume as always that TC includes a normal profit.$ per bag.
The annual opperating cost of the new operating machine is $7,000. The company uses a 20% MARR. Calculate the annual equivalent total cost for each machine. Would you replace the old machine at this time?
Marx argues that economic changes are the source of class conflict and potential social change. Explain Marx’s argument by either using the historical example of the transition from feudal production to capitalist production, or explain this by perha..
q. pickles at the sour pickles ranch are picked either by labor or by a machine. labor can be obtained very cheaply -
Suppose that a firm's production function is Q= min{K,L} . Currently, the wage is w= 8 and the cost of capital is r=8. What is the minimum cost method of producing Q=40 units of output? Suppose that wages fall to w=4. Keeping total cost the same, wha..
Within the context of responsible stewardship, provide an argument for or against workers' rights to organize unions and bargain collectively from and ethical, social, and/or legal point of view.
Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place: Now assume that the Fed lowers the reserve requirement to 8%. What is the maximum amount of new loans that this bank can make? Assume..
The given is natural logarithmic function. Ln(Q)=-0.23-0.34ln(P)+0.45ln(P2)+1.33ln(I). What is the price elasticity of demand for raspberries? What is income elasticity of demand?
In the foreign exchange market, if the interest rate on foreign deposits increases, holding everything else constant,
The theory of purchasing power parity say-The real exchange rate is always greater than one-The real exchange rate is always less than one
Converse Elucidate how a society's social values influence the provision of also payment for health services.
Suppose Jason has allocated his entire budget to the purchase of apples and bananas. The marginal utility of the last apple purchased is 10 utils and each apple costs 10 cents.
Identify the peculiarities of tourism as a product compared with everyday goods and services which consumers may demand. Why is repurchase consumer decision making particularly important in travel and tourism demand.
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