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Industry demand is given by: Q = 660 - P [with the proviso that Q must be at least 20]
All firms in the industry have identical cost structures - the industry's total cost has fixed cost of 6000 and constant variable cost of 50.
Calculate the following:a. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? What profit will each firm earn?b. Now suppose that there are five firms in the industry, and that they collude to set a price. What price will they set? What will be the output of each firm? What will be the profit of each firm? How much did total production go down because of the collusion? How much did the price go up?
Discuss what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
Illustrate equations for total income also marginal income (interm of Q). what will be the total revenue at price of $ 70? what will be marginal revenue.
Elucidate why the US would subsidize the short run costs of production for tobacco farmers in foreign countries.
You are the adviser to a Benevolent Social Planner. GDP is falling also the economy is in a recession.
Outline the extent to that you expect regional economic integration to occur in Europe, Asia.
In late June the Fed lowered its federal funds rate target from 1.25 percent to 1 percent. However between mid June and early August the yield on longer term 10 year Treasury notes rose from 3.1% to over 4.3%.
Illustrate what other information would you want before you decided where to establish a new production facitily.
Explain why would economists be very concerned if the annual interest payments on the debt sharply increased as a percentage of GDP.
Assume whether you believe the organization will expand or contract as well as address the price elasticity of demand and competitors.
What is the equilibrium output of such knives. Illustrate what is the equilibrium output of such knives.
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In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
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