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A monopolistically competitive firm has a short run production function given by Q = 2L0.5 Assume the wage rate is $10, the firm's fixed cost is 500, and demand for the firm's output is P = 600 - 3Q
Suppose the firm's goal is to maximize its sales revenue.
(a) What is the firm's revenue maximizing output, price, employment, and profit?
(b) What is the firm's profit maximizing output, price, employment, and profit?
Initially, Michael has 10 candy bars and 5 cookies, and Tony has 5 candy bars and 10 cookies. After trading, Michael has 12 candy bars and 3 cookies. In an Edgeworth box, label the initial allocation A and the new allocation B.
Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would firm’s likely use for each type of good and why? Explain how a monopolist can increase profits by price discriminating. What are the c..
folk wisdom has it that when people lose their jobs they drown their sorrows in drink.economists have long challenged
A major element of the concepts of inflation and deflation is
When profit-maximizing firms in competitive markets are earning negative economic profit, Select one:
Some years ago, conservation groups paid cattlemen in the Western United States to move their herds away from wild buffalo herds so that the buffalo would have more feed and would not have to compete with the cattle. What is the relevance of the Coas..
which of the following is an example of a demand shock? a hurricane harry knocks out oil drilling platforms in the gulf
A bank currently has $70,000 in deposits, $6,000 in cash in the vault, $12,000 on deposit with the Fed, and $7,000 in government securities. The needed reserve ratio is 20 percent. Answer these questions: What could keep the expansions from happening..
article analysisinstructionsread the article titled christmas egg shortage expected after bird flu outbreak by jared
Individual retirement accounts, or IRAs, were established by the U.S. government to encourage saving. An individual who deposits part of current earnings in an IRA does not have to pay income taxes on the earnings deposited, nor are any income taxes ..
iris considers starting to produce tulip bulbs. her production inputs are labor n expressed in hours and greenhouse
demand can be estimated with experimental data time-series data or cross-section data. in this case cross-section data
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