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Suppose the market for widgets is perfectly competitive. Furthermore, suppose the total cost curve for a typical firm in this market is TC = 128 + 3q2 where q represents the quantity of widgets sold by a single supplier. Suppose that there are 16 sellers in this market, sharing a market demand given by P = 1068 – 3Q, where P represents price per widget and Q represents the market quantity of widgets sold. What is the short-run equilibrium quantity in this market?
Explain the difficulty of defining and using the user cost of capital and discuss the value in making decisions based on it, rather than accounting expense data. Present how to make the most economical downsizing decisions. Include the mix of capital..
Explain how does the U.S. Government correct for this apparent market failure.
Draw the market supply and market demand in one graph. Next to it, draw the situation of one firm, with the average total cost, the marginal cost, and the price (which under perfect competition is the marginal revenue).
The net exports effect is the impact on a country s total spending caused by an inverse relationship between the price level and the net exports of an economy. Using this principle, discuss how the following economic variables change during an econom..
Bob manages a grocery store in a country experiencing a high rate of inflation. To keep up with inflation, he spends a lot of time every day updating the prices, printing new price tags, and sending out newspaper inserts advertising the new prices. T..
Neville has demand function q = .02m - 2p, where m is income and p is price. Income is $8,000 and he initially had to pay a price of $40 per bottle of claret. The price of claret rose to $80. The substitution effect of the price change is?
Let P be the price of a stock. The investor wants to purchase Q units of this stock. Suppose investor’s equity is E and assume that equity is strictly smaller than the value of the stock investor wants to purchase. As such, the investor receives a lo..
Consider the economic situation of Tatum, a single mother with one daughter, Blaire. Tatum is free to work as many hours as she would like at $10/hr. Additionally, should she qualify, Tatum may also collect welfare benets. What is Tatum's income if s..
How much excess reserve does your deposit generate for the bank? What is the maximum amount of new money that can be created in the banking system as a result of this deposit? Show all work.
There are three possible outcomes; in the outcome ai a decision-maker gains $ai, where a1
You are the manager of a firm that sells a “commodity” in a market that resembles perfect competition, and your cost function is C(Q) = 2Q + 3Q2. Unfortunately, due to production lags, you must make your output decision prior to knowing for certain t..
The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent. What is th..
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