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A firm contemplating entering the market would need to invest $100 million to build a minimum efficient scale production plant (or about $10 million annually on an amortized basis). Such a plant could produce about 100 million pounds of cereal per year. What would be the average fixed costs of this plant if it ran at capacity? Each year, U.S. breakfast cereal makers sell about 3 billion pounds of cereal. What would be the average fixed costs if the cereal maker captured a 2 percent market share? What would be the disadvantage (how much higher the average cost would be) if it achieved only a 1 percent share?
Suppose that your firm is the only producer of a high-tech sports utility vehicle for North American markets. Assume a constant marginal cost of $25,000 to produce each vehicle and no fixed costs of production.
Administrative agencies: Select one: a. Rarely have both the power to issue regulations and the power to investigate when such regulations have been violated b. May make regulations that are advisory in nature, but cannot make regulations that have t..
Which of the following was not a contributing cause of the decline in investment and thus the recessionary expenditure gap occurring during the U.S. recession of 2001.
what is the marginal utility of X? If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to the MRS?
Note that the inverse demand functions for the high-valuation and low-valuation consumers in Figure 6.4 is p(q) = 16 − q and p(q) = 12 − q, respectively. If the monopolist could tell the two consumer types apart, what are the optimal block pricing co..
Why is income from capital gains taxed differently than wage income? There are perhaps historical, practical, and theoretical reasons. What are they?
Identify some ways that nursing homes can signal high quality to consumers. Which of these signals are most apt to be reliable? What are some strategies for reducing adverse selection in insurance markets? What sorts of problems do these solutions ca..
then an initial increase in aggregate demand of $100 billion will eventually shift the aggregate demand curve to the right by.
Explain why an economy in which airlines charge different passengers different prices for the same flight will not have exchange efficiency. b. Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given alloc..
Illustrate what is the level of consumption at the equilibrium level of income.
Tad's bait shop has a monopoly in the bait market. Demand is given by q=56-8p and mc=0.25q. find profit maximizing output and price. find the level of consumer surplus that accompanies tad's profit max choice of output and price. determine what consu..
Does this policy change affect growth according to the Solow model (in terms of levels, growth rates or both)? If yes - which variable(s) does it affect? If no, does it affect growth anyway? Why or why not? The government introduces a consumption tax..
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