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Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X –X2. Suppose lobstermen could limit the number of traps permitted. How many traps should be permitted, if Australia wanted to maximize overall profits from lobstering? How many lobsters would be harvested? What would total profits be from lobstering?
in which market structure model may firms earn economic profits in the long run?select onea. perfect competitionb.
develop standards for ethical and moral conduct in the form of a code of ethics.nbspnbsp as part of this assignment
Find the profits of the dominant firm
Assume that the medical screening industry is perfectly competitive. Consider a typical firm that is making short-run losses. Suppose the medical screening industry runs an effective advertising campaign which convinces a large number of people th..
At what number of workers will you first experience diminishing returns? At what level of employment will total output be maximized with this plant size?
Describe the difference between average revenue and marginal revenue .why are both of these revenue measures important to a profit-maximizing firm?
What should it charge for group 2
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suppose that market demand is described by p 100 - q q where p is the market price q is the output of the incumbent
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
In the analyses below, when drawing your diagrams assume that students can choose among only two products on campus, namely tobacco and food.
Describe what actions led to the tariffs being imposed. Explain if protectionist trade policies are at play in this instance. Explain what the impact of a quota instead of this tariff would be.
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