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United States production of USB flash drives is dominated by two firms, Lexarand Corsair. Both firms have a production cost of C(q) = 100 + q2(where q is in millions).They face stiff competition from ten Chinese producers. The Chinese firms each have a costof C(q) = 20q, but their production capacity is limited to 2 million units each, q = 2, or20 million total. Demand for USB flash drives in the US is determined by the functionD(p) = 50 - p.
Assume that Lexar and Corsair act as perfectly competitive firms and that Chinesegoods flow freely into the United States. Draw the aggregate (e.g. including all firms)supply curve for this industry in the space below. What is the market clearing price?
The marginal costs suffered by the monopolist when it supplies the first 10 units of its product are, respectively, 1, 2, 3, 5, 7, 9, 11, 14, 17 and 20 dollars per product unit. What is the value of the highest Total Producer's Surplus that the mo..
After a long career an engineer retires with $1.4 million in a retirement account. The engineer spends $84,000 per year from this account in retirement and the account earns 3% interest per year. How many years will the retirement account last? Expre..
7) in 1988, the average wage rate was 9.45 an hour and in 2008 the average wage rate was 18 an hour. The CPI in 1988 was 118.3 and in 2008 it was 215.3. which is real wage rate is higher?
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. What ..
Real wealth which capitalists pull out of market must somewhere enter market. What is this hidden mechanism.
Explain what is mean by exchange rate overshooting and undershooting. Explain the GG, MM, and PPP lines and equilibrium in the Dornbusch model.
q.macro-economics is perhaps most divisive area of economics when functionalized to political decision making also
Both Dave and Caroline produce sweaters and socks. If Dave's opportunity cost of producing 1 sweater is 3 socks, and Caroline's opportunity cost of producing 1 sweater is 5 socks, then
Should college be subsidized? All U.S. states subsidize education for college students, mostly by charging below-cost tuition. Nearly free tuition is available in many European countries and has been proposed in California. Should the government subs..
The economic argument for protectionism is that it preserves jobs, protects a nation's political security, discourages dependency on other countries, and:
What is the current unemployment rate and inflation rate for Norway and the United States? I am trying to calculate the misery index for both countries and I know it is the sum of both the unemployment and inflation rate.
If the Federal Reserve wanted to use its monetary policy tools to decrease the money supply, it could:
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