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A market contains a group of identical price-taking firms. Each firm has a marginal cost curve MC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds $20 per unit and will shut down if the price is less than $20. The market demand curve for the industry is D(P) = 240- P/2. At the equilibrium market price, each firm produces 20 units.
What is the equilibrium market price, and how many firms are in this industry?
Briefly describe three factors that could shift the aggregate supply curve of the economy to the right. Briefly explain the difference between the deficit of the Federal government and the National debt of the United States.
Explain which of the following transactions would be directly counted in 2013 's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
If Apple reduced its price for the shuffle, what do you think would happen to their profit? What impact would the price decrease have on their competitors? Explain by considering the elasticity of shuffles).
What are some goods and services which produce positive externalities generally produced by the government?
Compute the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 GPA rather than a 2.0 GPA. Find out opportunity cost of an increase in income from $100 to $150.00
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
Find out the breakeven output and total sales revenues. Estimate the output that would generate total profit of 60,000 and total sales revenue at that output level.
What is the new profit maximizing output level and how many workers are hired at this level
Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry
Based on their public statements, many policy makers would support government regulation of oil markets in order to compensate for the exhaustibility of oil as a resource. Is this reasonable from an economic stand point.
Some observers say that changes in the past few years have eroded the monopoly power of local cable tv companies, even if no other cable firms have entered their markets. What are these changes? Do these monopoly firms still have monopoly powers
Compute total revenues, total expenses, and profits both before and during the strike and Who was better positioned to endure the strike?
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