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A firm operating in a purely competitive market has total cost function given by c(y) = y^ 2 + 10 for y > 0 and c(0) = 0.
(i) What is the firm’s marginal cost function?
(ii) What is the firm’s average cost function?
(iii) At what quantity is the firm’s marginal cost equal to its average cost?
(iv) In the long run, what is the lowest price at which the firm will supply a positive quantity?
Suppose a price-taking firm faces a market price of P = $70 and has a total cost function given by: Algebraically derive the firm’s fixed cost, average cost and marginal cost functions. What quantity will the firm produce? Compute the revenues, costs..
Medium household income in County C is $54,021. Medium household income in Country D is $28,739. In County C, 17.4 percent of residents smoke. In County D, 28.4 percent of residents smoke. What is the arc income elasticity of demand for tobacco use?
The zinc also copper monopolists every set a price, believing that the other monopolist will not change its price. Conclude the equilibrium price of brass.
Suppose China wishes to peg the Chinese Yuan to the US dollar at $0.20/Yuan. But, because of foreign funds flowing into China, the Yuan appreciates. How can the People’s Bank of China (China’s central bank) maintain the pegged exchange rate? Is the B..
The Federal Government had a budget surplus in 2001 but a budget deficit in 2002. This was due to the recession, the tax cut, and the increased military spending. The change from a budget surplus to a budget deficit was due to Midterm 4.0.pages
What happens to equilibrium price and the equilibrium quantity of each good described in the situations described below? Illustrate your answers. Sunnyvale is named the most liveable city in the United States. At the same time, the wage rates of home..
q1. assume that a countrys real growth is 2 for every year while its real deficit is rising 5 for particular year.
The distribution of family income is preferable than the distribution of household income because. The long-run average-total-cost curve does not connect the minimum points of each of the short-run average-total-cost curves. The long-run average-tota..
Reinert maintains that the evidence is that North-South trade has a _______ negative impact on the wages of Northern unskilled workers, and that protectionism ___________ a reasonable response.
Pecos manufaturing has just issued a 15-year, 12% coupon interest rate, $1000-par bond that pays interest annually. The required return is currently 14% and the company is certain it will remain at 14% until the bond matures in 15 years. Plot your fi..
Minimum-wage legislation is less likely to have adverse effects on employment when the:
Exhibit 2-8 represents Robin Hood’s production possibilities frontier. Assume that he currently produce at point G inside the production possibilities frontier. He can produce more bows employing the existing resources more efficient. He can increas..
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