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Consider the preceding question again.
(a) Suppose all of the existing firms have the same cost structure as the new entrant, how many firms are there in the industry?
(b) Each firm in the industry has a total cost curve of the form TC = 400+10Q+ (1/4)Q 2 . There is no distinction between the long run and short run - there is only one possible size of firm. Derive the ATC by dividing each term in the TC curve by Q, and calculate the cost per unit at the output being produced by each firm at the existing equilibrium price.
(c) Since you now know the price and cost per unit, calculate the profit that each firm is making.
(d) Is the ATC sloping up or down at the current equilibrium? [Hint: is the MC above or below the ATC at the chosen output?]
Assuming the cost curves have the usual shape, is the dollar difference between the average total cost and the average variabe cost greater when the output is 10,000 tennis balls or when the output is 30,000 tennis balls
the worker doing the mathematical operation by hand in 32 seconds, and with the computer application, the operation is doing in 16 seconds with a 50 % of improvement. (theoretic - experimental)/theoretical *100% is the used formula for the 50%
Suppose a monopolist can purchase Labor at a price w = 36 and can purchase Capital at a price r = 25. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist is given by P = 180 - 3Q.
Currently, a typical fan pays an average ticket price of $5. The price elasticity of demand for tickets is -0.6. Management is thinking of raising the average ticket price to $5.50. Compute the predicted percentage change in tickets sold. Would yo..
What are your firm's key resources and/or capabilities? How do these translate into a competitive advantage?
Suppose the demand for a product is given by P = 100 - 2Q. Also, the supply is given by P = 20 + 6Q. A) What is the equilibrium price and quantity of the product B) What is the price elasticity of demand at the equilibrium price
Suppose you are currently earning $15 an hour. If the inflation rate over the current year is 10 percent and your firm provides a cost-of-living raise based on the rate of inflation, what would you expect to earn after your raise? If the cost-of..
ECN 425: Introductory Econometrics ____________________________ NAME Exam #1 (100 Points) I. DERIVING OLS ESTIMATORS AND THEIR PROPERTIES (For full credit, you must show all your work) Suppose the population regression function can be written as: i i..
Write a 3+ page, double-spaced essay: Explain the organizational archetypes as described by Mintzberg and discuss how organizational structure influences innovation.
Modal choice: depends on the diversity of land-use, local population densities, and socioeconomic characteristics. However, the prevalence of walking and transit in traditional urban settings may be attributed to the self-selection nature of the s..
Government consumption in our model is simply a "waste", that is it does not affect anyone's utility or affect the production process. Use the Pareto Optimality framework. For each of them, solve the social planner's problem and show the equations..
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1
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