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Consider a small, isolated town in which a brewery faces the following inverse demand: P = 15 - 0.33Q. The brewery can produce beer at a constant marginal and average total cost of $1 per bottle.
a. Calculate the profit-maximizing price and quantity, as well as producer and consumer surplus and the deadweight loss from market power.
b. If it were possible to organize the townsfolk, how much would they be willing to pay the brewery to sell beer at a price equal to its marginal cost?
c. What is the minimum payment the brewery would be willing to accept to sell beer at a price equal to marginal cost?
d. Is there potentially a bargain that can be struck between the townsfolk and brewery? What would the deadweight loss be if such a bargain were struck?
The U.S. mint, which produced billions of coins each year, has a mean defect rate of 5.2 coins per day. Let X be the number of defective coins produced on a given day. What is the probability of exactly 5 defective coins on a given day
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Suppose the daily demand for coffee in Seattle is Q^d = 100,000(3-P)^2 A. What is the elasticity of demand at a price of $2 B. At what price would the total expenditure on coffee be the largest?
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The cost of producing x-items is given by the equation C(x) = 2x2 - 200x + 6000 determine the number of items to be produced to minimize the cost as well as giving the minimum cost.
Chart the time path of the adjustment to the new steady state. Does the investment ratio rise during transition? If so, is this effect temporary?
Suppose that 3 countries who form a cartel agreed to divide the oil market equally. Demand for oil is given by P=50-.1Q where P is the price of oil in dollars per barrel and Q is the Quantity in thousands of barrels per day. Each of the 3 countrie..
An economy has full-employment output of Y%u0305 = 1850. Desired consumption and desired investment are: \(C^{d}= 500 + .5(Y-T)-100r\) \(I^{d}= 400 - 100r\) Government purchases and taxes are G = T = 200. Money demand is: \(M^{d}=P(.5Y-200i)\) The n..
Suppose GDP equals $10 trillion,consumption equals $6.5 trillion,the government spends $2 trillion and has a budget deficit of $300 billion. Find public saving, taxes, private saving,national saving, and investment.
suppose the airline is offered $4,000.00 per week to haul freight along the route for a local firm. This will mean replacing one of the weekly passenger flights with a freight flight (at the same operating cost). Should the airline carry freight f..
In the second quarter of 2006, household income was $13,134 billion, consumption was $9,162 billion, investment was $3,340 billion, and net exports were -$777 billion. What was the level of government spending in the second quarter of 2006
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