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Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant, you know that the relevant demand and cost functions for bubble memory chips are Q = 25 - .5P; C = 50 + 2Q.
a. What is the firm's inverse demand function?
b. What is the firm's marginal revenue when producing 4 units of output?
c. What level of output would maximize profits?
d. At what price would you maximizing profits?
e. What will be the dollar level of your profits?
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
Why does rent control result in a shortage of rental units.
Compute the weighted average cost of capital using book value weights. Compute the weighted average cost of capital using market value weights. Compare the answers obtained in parts a and b. Describe the differences.
The output effect of an increase in the wage comes about because higher wages:
Given a 15% raise in a good's price and a 25% decrease in quantity demanded for good by consumer, which of the following types of elasticity best describes the demand curve for the consumer?
Describe three ways in which the Federal Reserve can change the money supply.
M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.
What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
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