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Suppose the daily demand function for pizza in Berkeley is Q = 1,525 – 5P. The variable cost of making Q pizzas per day is C(Q) = 3Q + 0.01Q2 , there is a $100 fixed cost (which is avoidable in the long run), and the marginal cost is MC = 3 + 0.02Q. There is free entry in the long run. What is the long-run market equilibrium in this market? [HINT: Again, the trick is to find the minAC(Q), as you did in Q.1.]
What is wrong with claiming that changes in the distribution of income are associated with trade instead of the technological changes that the article discusses.
Suppose the inverse demand for an industry was given by P = 60 - 0.03Q. What price results from perfect competition in this market? How many units are sold in this market?
Decreasing returns to scale occurs when a firm has to increase all inputs at an increasing rate to maintain a constant rate of increase in its output.
What three factors determine whether two economies with separate fiscal and monetary authorities should form a currency union.
Many people believe that using plant-derived fuels or biofuels to power combustion engines is a relatively new and innovative concept.
How do the buyer's returns compare with the method of payment, and how do they compare with single versus multiple bidders.
Occupational licensing can accomplish which of the following?
determine intellectual analysis and incisive. Write down a brief essay of about one page on the impact of labor migration.
The organization where you work is expanding into the global market by opening an office in China. What are some potential ethical and social issues that may arise as the company expands into this new area? Can these issues be avoided or mitigated?..
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
A site becomes wildly successful in the United States, and you decide to export overseas. Answer the following:
Which one of the following variables is most likely to increase as production effort is increased? Which one of the following variables is most likely to decline as production effort increases? The efficient price of a license fee is determined by th..
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