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You are the manager of a firm that sells a “commodity” in a market that resembles perfect competition, and your cost function is C(Q) = 40Q + 5Q2 (so MC = 40+10Q). Unfortunately, due to production lags, you must make your output decision prior to knowing for certain the price that will prevail in the market. You believe that there is a 80 percent chance the market price will be $400 and a 20 percent chance it will be $600.
a. Calculate the expected market price.
b. What output should you produce in order to maximize expected profits?
c. What are your expected profits?
q. a show how to own equilibrium in a robinson crusoe model.b what is the relationship between the marginal rate of
Describe the problem of “adverse selection” when health insurance is offered at a community rated premium? Define the term “community rated premium” as well. Is it possible to address the problem of adverse selection by increasing the premium level? ..
Calculate the new supply of dollars at each exchange rate and graph the new supply curve. What is the new equilibrium exchange rate, given the original demand for dollars?
A university spent $1.8 million to install solar panels atop a parking garage. These panels will have a capacity of 500kw, have a life expectancy of 20 years and suppose the discount rate is 10%. a. If electricity can be purchased for costs of $0.10 ..
Assume a hypothetical economy in which the velocity is constant at 2 and real GDP is always at a constant potential of $4,000. Suppose the money supply is $1,000 in the first year, $1,100 in the second year, $1,200 in the third year, and $1,300 in th..
Suppose that doctors' visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors' visits and a "composite good" that costs $1 per unit. Draw the new budget constraint the consumer faces under plan..
Honda uses flexible plants in manufacturing of its cars. Discuss where this method of production results in optimum output.
Key concepts to include in your paper--data trends on unemployment, inflation, GDP growth, expansionary fiscal policy tools, FOMC, easy money policy tools and other terms from this class.
The North American Free Trade Agreement (NAFTA) is a trade agreement between the United States, Canada, and Mexico whose purpose is to eliminate tariffs between the countries and promote all aspects of international trade. Opponents of NAFTA point ou..
How does it affect level of investment and interest rates. How does it affect individual consumer. Give at least three examples in your response.
Suppose that the citizens of Hungary can purchase all the oil they desire at the going international price. If the Hungarian government levies a tax on oil, who bears the burden? Illustrate your answer wit h a supply and demand diagram.
Compare the income elasticities of the following consumer elastities of the following consumer products
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