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Lawn-Cutting Equilibrium. Consider the market for cutting lawns. Each firm has a fixed daily cost of $18 for equipment, and the marginal cost of cutting a lawn is $4. Suppose each firm can cut up to three lawns per day. The market demand curve for lawn cuts is linear, with a vertical intercept of $70 and a slope of $1 per lawn.
a. If each firm in the market cuts three lawns, what is the average cost per lawn?
b. What is the equilibrium price under monopolistic competition?
c. How many lawns will be cut in total, and how many firms will be in the market
An increase in the demand for green tea raises the price of apples from $16 a pound to $20 a pound. As a result, quantity supplied increases by 30 percent. Using the midpoint formula, calculate the value of the price elasticity of supply.
Describe how the evidence will be examined (a) by whom and (b) using what type of evidence gathering technique (inquiry, inspection, confirmation, etc.);
A gradient series is deposited for 15 years in an interest bearing account. The first deposit is $15,000, the annual gradient factor is $1,000. At the end of the 16th year, withdrawals from the account begin with a first sum of $50,000.
Our other product, burritos, has a current price of $1.29 and we sell, on average, 190/day. If we drop the price to $1.19 and then sell 224/day, what can we infer about price elasticity Compare the price elasticity of both products and recommend a..
What would be the profit of a new entrant if the subsidy is eliminated and Barnacle continues to produce the monopoly level of output?
Suppose a business is considering purchasing a $40,000 machine whose operation will result in increased sales of $30,000 per year and increased operating costs of $10,000; additional profits will be taxed a a rate of 50%
Alchem (L) is the price leader in the polyglue market. All 10 other manufacturers (follower [F] firms) sell polyglue at the same price as Alchem. Alchem allows the other firms to sell as much as they wish at the established price and supplies the ..
Macromedia is a relatively new company that offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the activity that the instructor is presenting. To introduce themselves to ..
Chell's demand function is P(ch) = 5-q(ch). Gordon's demand function is P(g)= 3-q(g). Draw the aggregate demand curve. What is the consumer surplus with the price is $2?
Assume that the demand for a commodity is represented by the equation P=10-0.2Qd and supply by the equation P=2+0.2Qs. where Qd and Qs are quantity demanded, and quantity supplied respectively, and P is the Price Use the equilibrium condition Qs=Q..
Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations: Demand: Q=100/N-P Marginal Revenue: MR=100/N-2Q Total cost: TC=50+Q(squared) Marginal Cost: MC=2Q
In a large city it was found that summer electricity bills for single-family home followed a normal distribution with standard deviation $100. A random sample of 25 bills was taken. a. Find the probability that the sample standard deviation is less..
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