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Suppose all firms in an industry have "competent" managers and earn zero economic profit. The manager of one of the firms suddenly leaves and the firm finds that only incompetent applicants respond when the position is advertised at the original salary of $50,000/yr (which is the going rate for competent managers in this industry).Under an incompetent manager paid this salary, the firm will experience an economic loss of $20,000/yr. At what salary would it make sense for this firm to hire an incompetent manager?
Suppose a monopolist charges a price of $27 for its product and sells 10 units at that price. At 10 units of production the firm has average fixed cost equal to $10 and average variable cost equal to $12. How much total profit is the firm earning ..
Consider the story: Sonya earns $900 per week working as a nurse at Mercy Hospital. She uses $300 to purchase a recliner at Sears. Sears pays Victoria $800 per week to work as a sales associate. Victoria uses $400 to purchase medical services at Me..
How might protective tariffs reduce both the imports and the exports of the nation that levies tariffs?
Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation. She believes the benefits of her education will occur throughout the 40 years of employment. She thinks that during the first 10 years out of college
Suppose in the banking system as a whole, demand deposits are equal to $80,000,000 and reserves are equal to $17,000,000 with a legal reserve ratio of 10%. If the Fed doubles the required ratio, by how much will the money-creating potential
find out the MRTS of the following questions for a. q=L^0.5K^0.5, b. q=L^0.5+K^0.5, c. q= min {K,L} and d. q=L+K. I think for the first two I have the correct answers and just need to make sure I didn't do the math incorrectly.
You learn that the demand curve facing a monopolist can be written as P = 100 - 5Q, and the monopolist's marginal costs are constant at MC = 60. There are no fixed costs. Write down the equation of the marginal revenue curve for this monopolist.
what is the break even price What is the shut-down price What if cable was currently $70.00 and was lowered to $40.0, how large is the price effect How large would be the quantity effect be What is the profit maximizing qunatity and price for cabl..
A monopolist serves a market in which the demand is P=120-2Q. It has a fixed cost of 300. Its marginal cost is 10 for the first 15 units (MC=10 when 0
Historical evidence for the U.S. economy indicates that
49027 Energy Demand Analysis and Forecasting - What factors and mathematical functional form will you consider in developing a first-cut econometric model?
you are the manager of a monopoly. a typical consumers inverse demand function for your firms product is p 250 - 40q
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