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A new smartphone is just being released. The cost function is given by totalcost = 5x2, where x is the number of smartphones sold (in millions). The market demand for this smartphone is given by the inverse demand P = 300?10x. Assume that the market is competitive. Smartphones require superconductors, and the production of superconductors is heavily polluting due to the use of many chemicals in the process. The damages to society are given by Ds = 10x2.
a) Find the private marginal benefit, the private marginal cost, and the market equilibrium for this smartphone. What are the consumer surplus, producer surplus, total damage, and total surplus in this equilibrium?
b) Find the social optimum in the market for this smartphone. Compare total surplus in this case to that in part (a).
A drug company has a monopoly on a new patented medicine. The product can be made in either of two plants. The total costs of production for the two plants are given by c1(y1) = 20y1 + y1^2 and c2(y2) = 10(y2^2) + 5/2(y2^2).
Consider an economy with population growth at rate n = :03, technological growth at rate g = :02, depreciation at rate = :05, and a savings rate of s = :30. The economy is at steady state. (a) What is the rate of growth of aggregate income Y in this..
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the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N) Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit. if A = 1, what will demand for labo..
Great Dane, a Danish firm, has systematic risk of 0.9 when measured against the MSCI World Market Index. Its systematic risk is 1.25 when measured against the Danish stock index. The expected returns on the MSCI world index.
In a large city it was found that summer electricity bills for single-family home followed a normal distribution with standard deviation $100. A random sample of 25 bills was taken. a. Find the probability that the sample standard deviation is less..
THis is question about a dominant firm competitive fringe model P=5000-Q
Suppose that an initial $20 billion increase in investment spending expands GDP by $20 billion in the first round of the multiplier process. If GDP and consumption both rise by $10billion in the second round of the process, what is the MPC in this..
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