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Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 800 + 25 q + 0.5 q2, and your marginal cost function is MC = 25 + q. The (short run and long run) market demand curve is given by Q = 2,750 – 5P. a. Find the supply curve for your firm. Show work. Then, find the short-run market supply curve. Show work. b.Find equilibrium price, P*, and quantity, Q*, in the market in the short run.Show work. c. Find the lowest price at which your firm will not exit the market in the long run. Show work. Referring to your answer in part b, should your firm exit the market in the long run if P* in the market does not increase over time? Explain. d. If you choose not to exit, how many firms (including your own) do you expect to be in the market in the long run?Show work, and explain.
is a ________ increase in the price level and it can be produced if the AD curve shifts up ________.
Wages in the United States vary in every state, because each state has different minimum wages, but the best to my knowledge wages are determined and priced for every field profession and its factors. Is it possible you might revisit your thought on ..
Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. Are your household’s resources allocated fairly? Think about the two ideas of fairness and how they apply in your household.
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In the model for airline seat pricing, we studied the case of non-refundable tickets. What if the airline offers refundable business class tickets. You can buy a business class ticket and return it for a full refund if you do not fly.
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Jose rents office space for $20,000 per year. He uses the office to fill out tax returns for 1
Offshoring and offshoring outsourcing
Describe graphically why someone guaranteed an annual salary might choose to work fewer hours than someone who could earn that same amount through hourly pay.
How does the adverse selection problem arise in the credit-card market? How do credit-card companies reduce the adverse selection problem that they face? To what complaint does this give rise?
Elucidate how scarcity of resources influences this market and describe the choices stakeholders are forced to make.
Describe two ways in which greater education opportunities for girls could lead to faster economic growth.
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