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Assume that a purely competitive firm is selling 2000 television sets a day at a cost of $90,000. Assume that if the firm sells 1600 units per day, its total cost would be $60,000, and if it sold 1000 units per day, it would have a total cost of $55,000.
Calculate the average total cost at these different sales levels.
Assuming that the cost structure for every firm in the industry is identical, do you think that the industry could be in long-run equilibrium?
If the industry is perfectly competitive, what would be the long-run equilibrium market price?
If your answer to c is the market price and every firm in the industry is earning a normal profit of 15 percent, calculate what that profit would be.
Purpose of this course is to improve your economic decision making and increase your productivity as an employee or entrepreneur.
whether or not the measure satisfies each of the five axioms we discussed (Anonymity, Scale Independence, Population Independence, Transfer Principle and Monotonicity). [ Note: a good way to do this might be to come up with small example populatio..
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000-200P where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard..
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Find the total product, average product and marginal product for integer values of L from 1 to 9. Plot the total product on a graph and the average and marginal product on another as shown in class.
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Determine the effects on American wages and purchasing power of continued outsourcing of labor overseas. Find some of the reasons for these trends.
Describe the economic impacts of subsidizing beef, pork, corn, soybeans, rice, and wheat on U.S. food prices and food prices in other countries, and how any negative impacts can be minimized.
Assuming that Disneyland wants to serve both types of consumers, find the entry fee and the marginal price under the Oi two-part tariff. Assuming that Disneyland wants to serve both types of consumers, find the entry fee and the marginal price un..
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