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The typical firm in a perfectly competitive market manufacturing an appliance part has long-run total cost of TC = 6q2 + 2400 and marginal cost of MC = 12q, where q is the quantity produced per firm per year and costs are measured in dollars. Market demand is given by Q = 50,000 - 100P, where Q is market quantity sold per year.
a. What is the minimum efficient scale in this industry? Explain your answer and illustrate with a graph.
b. What is the long-run equilibrium price in this market? Explain intuitively, in your own words, why this is the long-run equilibrium. What is the long-run market equilibrium quantity? (No graph is required.)
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
Explain a political, economic, or social interaction of decision makers that you have heard about in words. The condition should involve decision makers, available actions
Suppose you are starting your own Internet business. You make a decision to form a company that will sell cookbooks online. You estimate that the yearly cost of this business will be given as follows:
An rise in the marginal propensity to will reduce the size of expenditure multiplier and therefore the IS-curve will shift to the
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
Think the single-index model. The alpha of a stock is 0 percent. The expected return on the market is 12 percent. The risk-free rate of return is 6 percent.
Environmental Protection Agency regulations tend to go by several stages of review and approval before they are implemented.
Fronterra, created in 2001 by New Zealand lawmakers, profits some 13,000 dairymen instead of all the citizens of the nation.
Despite strong sales and a low marginal cost of producing the product, your company has yet to show a profit from selling the drug.
Generally, which of the following is true? (where rE is the cost of equity, rD is the cost of debt and rA s the cost of capital for the firm.
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