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Suppose you are the manager of a watch making firm operating in a competitive market. Your cost of production is given by C = 200 + 2q2, where q is the level of output and C is total cost. (The marginal cost of production is 4q; the fixed cost is $200.)
a. If the price of watches is $100, how many watches should you produce to maximize profit?
b. What will the profit level be?
c. At what minimum price will the firm produce a positive output? :
If the demand for a good falls by less than the supply of the good rises, then equilibrium price will and equilibrium quantity will . Decision making "at the margin" means making a choice based on of a decision.
The Case in Point on Externalities, Cigarettes, and Smoking suggests that smokers generate: a-external benefits to society by dying early, thereby subsidizing the retirement costs of the rest of the population. b-external costs to society by dying ea..
The City of Rochester is thinking of expanding its airport. The expansion will increase travelers' consumer surplus by $100 and airlines' producer surplus by $200, while costing taxpayers only $50. However, the expanded airport will be much noisier.
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor
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You cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.)
The market for DVD’s has a supply and demand curve P’= 2Qs and P=42-Qd a. How many units will be traded at a price of $35? At $14? Which participants will be dissatisfied at these prices?
(a) Will a monopolist's total revenue be larger with second-degree price discrimination when the batches on which it charges a uniform price are larger or smaller Why (b) How does a two-part tariff differ from bundling
Suppose that demand for bagels in the local store is given by equation Q^d 300-100P. In this equation, P denotes the price of one bagel in dollars
Both countries have the same rate of depreciation (5%). Use the Solow model to calculate the ratio of their steady state levels of income per capita, assuming ? =1/3. a) Verbally, interpret your answer. b) How would your result change if ? =1/2?
The monetized disutility of getting an MBA degree (including the actual cost) is $10,000 for a motivated worker and $20,000 for the unmotivated worker. An employer does not know workers' motivation level.
If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and development of oil properties? Does it matter if these price increases are demand or supply induced?
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