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The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.a. What is the marginal revenue that this perfectly competitive firm will earn on its 60th unit of output? b. What level of output should this firm produce in order to maximize profit or minimize losses? (This isn’t two questions; the same level of output would do either.) c. Given your answer to question (b) above, assume that ATC at that level of output is $10. What are the firm’s profits? d. Now assume that the firm produces 100 units of output and at that level of output ATC = $11. How many firms in total will there be in this market? e. Finally, assume the firm produces 100 units of output and at that level of output its ATC are $13 but its AVC are $11. What should the firm do and why?
Consider the market for bicycles. The Total Cost function is given by TC = 100 + 10q + q2 and there are 20 firms. The demand function is given by P = 120 - q. However, there are significant externalities to the production of bicycles. The governme..
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Economists who align more with the "Classical" school would have a "leave it alone" (Laissez Faire) attitude and would oppose active policymaking. "Rational Expectations Theory" (a "new classical approach") suggests that people figure out what wil..
Explain the difference between fixed-production technology and variable-production technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology Should they d..
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
In 1982, nominal GDP decreased by 2% while real GDP increased 4%. What explains the difference between nominal GDP and real GDP? Which is a better indicator of how the economy is performing?
What is the underground economy? What is the impact on the underground economy of instituting a tax on a certain productive activity?
expectations on how rivals will respond are important considerations when a firm decides to change the price it charges its customers, no firm controls more than a 10% share of the market
in what way the US trucking industry exemplified the capture theory hypothesis of government regulation prior to the passage of the Motor Carrier Act of 1980 and the result of hte passage of the Motor Carrier Act in 1980.Determine whether the Justi..
Derive the equation for the sort-run aggregate supply curve, given that the nominal wage rate equals 50. Compute the amount of short-run aggregate supply when the price level equals 2.0, 1.25, 1.0, 0.8, and 0.5. graph the short-run aggregate suppl..
The equation QA= 1/2(12-Q)b) is the so called reation function of duopolist A in a COurnot model becasue given the value of Qb, Qa gives the best or profit-maximizing level of sales of oligopolist A. Show that this is the case with reference. Wha..
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