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Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -2. The marginal cost of producing the product is constant at $200, while average total cost at current production levels is $260. Determine your optimal per unit price if: a. You are a monopolist b. You compete against one other firm in a Cournot oligopoly. c. You compete against 19 other firms in a Cournot oligopoly.
Explain why, when the price of good changes, the price elasticity of demand is likely to be higher or lower as a longer period of time elapses. Consider as an example the OPEC oil price increases in the 1970s.
Suppose that in the hypothetical country of Sore, coffee mugs are distributed based on government policy. This distribution rule gives the residents of Caffistan an incentive to spend time. People in the U.S. state of Iowa eat both corn and potatoes...
assume a visitor from another nation decides to open a checking account at j amp r national bank. the visitor deposits
Consider a random variable X ∼ N (8, 16). If X ¯ is the sample mean obtained from a random sample of 25 draws from this population, how is X ¯ distributed? Hint: a correct answer is more than just the name of the distribution. What is the probability..
Suppose that every additional 6.0 percentage points in the investment rate (I ÷ GDP) boost economic growth by 1 percentage point. Assume also that all investment must be financed with consumer saving. By how much must consumption decline for this to ..
Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Suppose you have been assigned to complete a group project with one of your classmates. Each of you can choose to Shirk or Work. If one or more of you chooses to Work, the project is completed and provides each with extra credit valued at 4 payoff un..
A current highway project is estimated to have an average of $1,000,000 in annual maintenance costs upon completion. What is the capitalized equivalent of the perpetual annual maintenance costs for an account earning 6% annual interest?
here are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Elucidate in economic terms..
A forward premium for a given currency (say the nominal bilateral exchange rate value of the dollar where S = 80 yen/1 dollar = 80) occurs when the value of the currency as given by the forward spot rate appreciates such as S = 85 yen/1 dollar = 85. ..
how to compute implicit explcit and opportunity costs. jamal has a flexible job. he can work everyday but is allowed to take a day off anytime he wants.
Stagflation is caused by
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