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Suppose that you are a monopolist who produces gizmos, Z, with the total cost function C (Z) = F + 50Z; where F represents the firms fixed costs. Your marginal cost is MC = 50. Suppose also that there is only one customer in the market for gizmos, and she has the demand function P = 60
Other things constant, how will an unanticipated increase in oil prices influence the general level of prices and real output of oil-importing nations such as the United Sta
Using a supply and demand graph and assuming competitive markets, show and explain the effect of equilibrium price and quantity of the following A) a technological change th
The Laser Printer Company decides monthly what to produce during the subsequent month. It produces three types of specialty printers-the Laser Rocket, The Laser Omega and th
Summarize an article using at least three economic terms and theories covered in class. Identify the impact of the policy on Demand or Supply of the good(s) or service(s).
What is the free market price and quantity of chicken? What is the wage of the average chicken worker in the free market situation? What is the efficient configuration oldie
Suppose a firm’s input of capital is fixed at K = 5 . The cost of capital is r = 2. Derive the formulas for and plot the AFC, MC, AVC, and SAC curves if the short run total co
Short run cost functions (11 points). Martin Marvel publishes comic books. The only inputs he needs are superhero character ideas (S) and hours of cartoonists' labor (L).
Suppose that the amount of labor available for the production of pianos and cars is now 60 hours. You are told that Melodia is currently producing on its PPF and Melodia is
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