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A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units. The minimum average cost is $10 per unit. Total market demand is given by Q=1500-50P. a. What is the industry's long-run supply schedule? b. What is the long-run equilibrium price? The total industry output? The output of each firm? The profits of each firm? c. The short-run total cost curve associated with each firm's long-run equilibrium output is given by STC=.5q^2-10q+200 where SMC=q-10. Calculate the short-run average and marginal cost curves. At what necktie output level does short-run average cost reach a minimum? d. Calculate the short-run supply curve for each firm and the industry short-run supply curve.
a statewide sample survey is to be made. first, the state is subdivided into countries. Seven countries are selected at random and further sampling is concentrated on these seven countries.
Suppose madison has used 45,000 of her money to start a window washing company. Suppose that the money otherwise could have been invested elsewhere and earned as much as a 12 % annual rate of return. The window washing company's revenue as well as it..
According to the quantity theory of money and prices, 4 percent change in the money supply, holding other variables constant, leads to:
a store has been selling 200 compact disc players a week at 350 each. a market survey indicates that for each 10 rebate
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the company ABC Inc. bought a machine for automatic playback of " software " at a cost of $ 20,000 ( the "original cost" ) . The expectation was that the machine had a useful life of 5 years , after which have a residual value of $ 5,000 ( "salvage v..
Monopolistic competition is similar to perfect competition because:
1. Use the Energy Information Administration (EIA) site to answer the following questions (see the links below).
A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run
The airline business is characterized by high capital costs and low profits. Wouldn't competition make the situation worse? Why or why not?
what is the appropriate balance between private and public i.e. government activity? think of a case where the
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