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Assume a market with a monopolistically competitive structure (differentiated products, free entry and exit). Also assume that each firm has a total cost function of TC(qi) = 150+ ½ qi 2 for i?{1,2, …, n} (i.e. symmetric cost function) . Demand curve for each firm is given by P=1000 -10n – qi which means that the demand depends not only on the price but also on the number of different substitute product that are out there.
a) What is the price, quantity and profit for each firm if there are 10 firms in the market in the short term?
b) What is the price, quantity and profit in this market in the long-term? What will happen to the number of firms in this market?
Find Variable cost, fixed cost, average cost, average variable cost and average fixed costs. At what range of prices will the firm produce negative profit (Short run loss minimize)?
Assume that a nation faces a BOP deficit with high unemployment what exchange-rate adjustment can be made to resolve these problems? What if the nation experiences a BOP surplus with inflation?
If the correlation between x and y is 1, then the points in the scatter plot of y on x all lie on a single line with slope sy/sx.
In addition to the hard-drive-based Ipod, Apple produces a flash-based audio player. Its 512MB iPod Shuffle (which does not have a hard drive) sold for $99 in 2005. According to iSuppli, Apple's per unit cost of manufacturing the Shuffle was $45.37. ..
The first option is to start an event planning business as a self-employed. Based on business plan, she computed the following annual estimates using very conservative assumptions: Agatha will operate the business by herself. She does not plan to hir..
What would happen to unit sales and total revenue for this textbook if the bookstore reduced it's price? Is the demand for iPhones price inelastic or elastic? Why? Is income elasticity high or low?
IPS Corp. will upgrade its package-labeling machinery. It costs $150,000 to buy the machinery and have it installed. Operation and maintenance costs, which are $1500 per year for the first three years, increase by 500 per year for the machine's 10-ye..
(Population growth but no technology growth) Consider an economy that 12 is described by the production function Y = K^1/3L^1/ 3. What is the per-worker production function, that is y = Y/L ? What is the marginal product of capital, that is dy/dk? F..
q1. a. give introduction about markets and consumer protection involving the ethical and moral issues.b. critically
Can you please help with a five page research paper that explains the relationship between the price elasticity of demand and total revenue? Please include a separate page with references. Thank you for your help
Suppose that you have a job paying $40,000 per year. With a 15% probability, next year your wage will be reduced to $10,000 for the year. What is your expected income next year? Suppose that you could insure yourself against the risk of reduced consu..
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Should the company produce co..
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