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A monopolistically competitive firm produces a level of output at which price equals $80, marginal revenue equals $40, average total cost equals $100, marginal cost equals $40, and average fixed costs equals $10. To maximize profit, the firm should produce a smaller output and sell it at a higher price.
Dertermine the profit maximizing level of output to be produced and sold in each submarket. What price should the firm charge in each submarket. Evaluate the price elasticity of deman in each submarket.
Deborah Milstead is considering buying a home for $200,000 a) if she makes a down payment of $50,000 and takes out a mortgage on the rest of the money at 7.8% compounded monthly, what will be her monthly payment to retire the mortgage in 15 years
In general, the marginal cost curve is U-shaped as you learned in lectures and the textbook. However, exception exists. Please provide one particular industry as an example to illustrate that MC is not U-shaped. Explain briefly the shape of MC in ..
Assume your research staff used regression analysis to estimate the industry demand curve for Product X. Qx = 10,000 - 100 Px + 0.5 Y - 1000 r (3,000) (20) (0.3) (105) Where Qx is the quantity demanded of Product X, Px is the price of X, Y is inco..
a city is spending $20 million on a new sewage system. The expected life of the system is 40 years, and it will have no market value at the end of its life. Operating and maintenance expenses for the system are projected to average $0.6 million pe..
Suppose that an economy consists of 100 households, 50 of which have no income in period 1 and income of $50,000 in period 2 and 50 of which have no income of $40,000 in period 1 and no income in perod 2. Assume that the price of the good in $1 in..
Suppose your designing your computer, with the same benefits from additional RAM described in the proceeding problem. How much RAM do you desire if the price of RAM falls to $50? 2,4,5, or 50. Suppose you are designed a new computer and want to mak..
Suppose that interest rates are 6 percent in the economy and a safe bond promises to pay $3 per year in interest forever. Interest rates suddenly fall to 3 percent. What will happen to the price of the bond that pays $3 per year
The firms and workers in Alpha form expectations adaptively. The firms and workers in Omega form expectations rationally. Their otherwise identical economies are initially in equilibrium at the natural level of output with 10 percent inflation.
THis is question about a dominant firm competitive fringe model P=5000-Q
If taxes were cut by $200 billion, the resulting spree would amount to Initial increase in consumption = 0.75 3 $200 billion = $150 billion ( a ) By how much does consumer saving increase initially ( b ) How large is the initial spending injection
If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation? What is the "rule of 70" How long would it take for the price level to double if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per year
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