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A producer operating in a perfectly competitive market has chosen his output level to maximize profit. At that output, his revenue and costs are as follows:
Calculate his producer surplus and his profits. Which (if either) of these should he use to determine whether he should exit the market in the short run? Briefly explain.
Suppose you are a monopolist able to produce your chosen output at a constant average (and thus marginal) cost of ATC = MC = $5. You face a market demand curve given by Q = 53 - P or inverse demand given by P = 53 - Q, where Q is the output provid..
Abby consumes only apples. In year 1, red apples cost 1$ each, green apples 2$ each, and Abby buys ten red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples.
Billy Penny is trying to determine how many units of two types of lawn mowers to produce each day. One of these is the Standard model, while the other is the Deluxe model. The profit per unit on the Standard model is $60, while the profit per unit..
In the Cournot model (see Chapter 5), the revenue destruction effect limits the willingness of firms to expand output. In the Stackelberg model, the firm that moves first produces more than it does in Cournot's model. How does moving first reduce ..
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 123034.4703 23311.13897 5.277926165 0.000358709 71094.01589 174974.9248 71094.01589 174974.9248 y 0.238078372 0.017797354 13.37717818 1.04516E-07 0.19842..
Choose a Fed governor or a regional Reserve Bank president and try to determine whether that person leans more toward an active or a passive policy view. What specific policy views does that person advocate?
a country is described by the solow model with a production function y k12 where y is output per worker and k is
Why is there an incentive for each member of a cartel to cheat by producing more than the agreed-on amount? What is the "prisoner's dilemma" and how is it related to the problem of cheating? What are the other problems facing cartels?
In an equation for annual data, suppose that: unempt = 2.7 - .68 inft - .25 inft-1 + .33 inft-2 + ut, where unempt is an unemployment rate at time t and inft is the inflation rate. What are the impact and long-run propensities
At the profit-maximizing quantity, what is the price elasticity of demand? If the spring were owned by a government that applied the marginal principle, what price would it charge?
Consider a bond that promises to pay $100 in one year. a. What is the interest rate on the bond if its price today is $75? $85? $95 b. What is the relation between the price of the bond and the interest rate c. If the interest rate is 8%, what is the..
the demand for personal computers has been estimated to be q 500000 - 700p 200i - 500s. assume that per capita income
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