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In Problem 2, if there are ten such firms, then the industry marginal cost curve is MC(Q) = 3 + (8/10)Q. If this industry faces the demand curve in Problem 1, then the quantity produced is Q=35/9=3.89 at a price of P = 110/18 = 6.11. If the ten firms merge, then the resulting monopolist faces the demand curve in Problem 1 and would have MC(Q) = 3 + (8/10)Q. What quantity would this monopolist produce? What would be the price?
Scarecrow Manufacturing will need to begin paying a licensing fee of $5697 at the end of year 6. Scarecrow will have to pay the licensing fee for 8 years, but the fee will decrease each year by $123. Scarecrow wants to spread out this cost so it woul..
Why does the effect of a pay-as-you-go (PAYGO) public pension system on private saving depend on the reasons people have for saving? b. Summarize the conclusions discussed in class about the likely effect of the U.S. Social Security system on private..
The monopolist's marginal cost of production is constant at $11 per product unit. What is the size of the deadweight loss caused by the monopolist choosing to supply 10 units of its product?
Assume that you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 un..
q1. an oil company refines crude oil valued at 62barrel and sells it to motorists at its retail outlets. the price is
Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. Smith likes cashews better than almonds and likes almond better than walnuts.
Suppose the equilibrium quantity of movie tickets is 1000. If the demand curve shifts _________, the equilibrium quantity of movie tickets will ____________.
Effects on equilibrium cost as well as quantity when wages for all dental assistants enhance, increasing the expenses of inputs.
Two Division managers at King Size Manufacturing have been in a long discussion with top management about allocation of capital spending over the next three years. The current plan up for approval calls for the bulk of capital expenditures to go to D..
Let’s say that we estimate the following regression where colli is a dummy equal to 1 if individual i went to college and 0 otherwise and disti is the distance in miles for individual i to the nearest college when i grew up. How do you interpret the ..
What do temporary changes in the tax code do for incentives? Does this encourage long term planning? Should the government encourage long term planning? Should the Government use tax policy to change behavior?
Metro Airlines runs 10 flights per day at a total cost of $50,000, which includes $30,000 in fixed costs for airport fees, airplanes, and the reservation system and $20,000 invariable costs for flight crews, fuel, baggage handlers, and food service
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