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Assume that the market for wheat is perfect competitive, with demand curve P = 5000 − 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2, which results in marginal cost of M C = 1 + 2Q. 1. Graph the supply and demand curves. 2. Find the equilibrium price and quantity. 3. What is the marginal revenue for each of the perfectly competitive firms? 4. Graph the ATC, AVC, AFC, MC, and MR curves for the firm. 5. What is the profit maximizing quantity of output for the firm? 6. How much profit does each firm earn? 7. (10 Points) What is the shut-down price for the firm?
In his article, "How Statistics Lie: Unemployment Can be Good for You", Steven Landsburg is arguing that inflation rate calculated simply as rise in price levels is not very informative. Explain the situation in terms of income and substitution effec..
At the 2014 G20 conference in Canberra, U.S. Secretary of the Treasury, Jack Lew, warned that the euro zone economies face a decade of economic stagnation unless their economic policies change and that the “world economy could not afford a European l..
Between 1950 and 2006, the price of wheat fell dramatically from $15.81 per bushel to $3.40 per bushel. Suppose b/w 1950 and 2006, the supply of wheat increased substantially due to increases in productivity, shifting the wheat supply curve to the ri..
On June 30, 2014, the U.S. Supreme Court upheld a June 2013 ruling by the Tenth Circuit Court of Appeals protecting Hobby Lobby Stores, Inc. from providing four life-terminating contraceptive drugs in the company's health insurance plan. The Greens a..
Dene producer surplus. Using a graph, illustrate producer surplus for a rm with an avoidable fixed cost. Why is it convenient to focus on producer surplus when analyzing policy changes?
How many bottles would be demanded in entire market if price is $1.00. How many bottles would be demanded in entire market if price is $2.00.
Tom gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 112 hours. His wage is $20. His utility function is U(C,L) = C^3/4*L^1/4. Tom receives 640 each week from her great-grandmother. What is the mar..
The Supply curve
How does lower and middle management decision management differ from upper-management in terms of basic economics.
Future value: annuity versus annuity due, What's the future value of a 10%, 5-year ordinary annuity that pays $800 each year? Round your answer to the nearest cent.
Why would cash transfers typically be preferred by recipients over in-kind transfers? What are the pros and cons of each from a government perspective?
For the within-treatments estimate of population variance, the MSE has a numerator and a denominator. describe the numerator. describe the denominator.
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