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Suppose the (short run) total cost of production for a firm is given by the equation: C(q)=8q + q^2 + 400. This implies that the marginal cost equation is MC(q) = 8 + 2q.
1. Assuming the firm is a representative firm in a competitive market, how much does the firm produce in the short run if the market price is $60? Calculate the firm's profit and write down its short run supply curve.
2. Is the above $60 the long run equilibrium price? If not, what is the long run equilibrium market price?
Two persons, Abigail and Noah, each allocate their time between market work and housework. Abigail earns $12 per hour in the labor market, and can produce $18 worth of goods and services per hour at home. Draw their separate production possibilities ..
A consumer has the utility function U(x,y) = x^αy^β, where x≥0 and y≥0 represent her consumption of goods X and Y, and α>0 and β>0 are exogenous parameters. Calculate the consumer’s demand functions for good X and (separately) good Y. These demands m..
An asset was purchased for $70,000, has a salvage value of $10,000, and has a useful life of 10 years. If the asset is placed in service on May 1 { the company's fiscal year runs from January 1 to December 31 },, what is its straight line depreciatio..
Let's explore the concept of willingness to pay with a thought experiment. Imagine a specific sporting, entertainment, or cultural event that you would very much like to attend -perhaps a World Cup match, the seventh game of the World Series, a Rolli..
After reading about both horizontal and vertical mergers, which do you believe is most beneficial to a firm, and why? Be specific, explain, and give an example to support your answer (i.e. a specific company, merger, etc.).
What is the relationship among AD, SRAS, and LRAS, as explained in the text, when the economy is into Long Run equilibrium? Explain. Why and how might a Supply Shock (OPEC oil embargo) lead the US into Stagflation? Why are Long-Run effects of an incr..
What are the characteristics of of a pure competition market structure? What is the shape of the demand for the product of one competitive seller? How does one competitive seller decide what to produce in the short run? What is the short run supply c..
How would each of the subsequent affect Helena's hand basket supply of worker.
n the short run, a firm's total costs of producing the hundredth unit of output equal $10,000. If it produces one more unit, its total costs will increase to $10,150. What is marginal cost of the 101st unit of output.
Assume labor market demand is given by: lD = 10 – w and labor market supply by: lS = w – 2. Suppose that a union has a monopoly in the supply of labor. Suppose also that the goal it has decided to pursue is to maximize the wage bill. In this case, wh..
From the list below, select the correct definition of inflation.
Explain how did racism affect foreign affairs and discuss how the United States viewed some groups and the influence of the military abroad.
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