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Jersey Imports, Inc., markets electronic devices imported from Thai producers. The company recently introduced an innovative and enormously successful 5 GB Joystick (computer memory device), but a flood of competitor entry and downward pressure on both prices and profits is expected during the coming year. A. Use Jersey Imports' price, output and total cost data to complete the following table: Price per unit Output (000) Total Revenue ($000) Marginal Revenue ($000) Total Cost ($000) Marginal Cost ($000) Average Cost ($) $50 0 $ 600 48 100 5,000 46 200 9,200 44 300 13,200 42 400 16,700 40 500 20,100 38 600 22,800 36 700 25,200 B. Assuming cost conditions remain constant, what is the monopolistically competitive high-price/low-output long-run equilibrium? C. What is the monopolistically competitive low-price/high-output equilibrium? (Note: This is also the perfectly competitive equilibrium.)
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
After you have been in a job for a while, you should portray your switching costs as:
Consider a palletizer and a bottling plant that has a first cost of $150,000. It has operating and maintenance costs of $17,500 per year, and an estimated net salvage value of $25,000 at the end of 30 years. Assume an interest rate of 8% per year. Wh..
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What lessons can be learned from the Marshall Plan for a new “Global Marshall Plan” to support the developing countries?
An economist published a research paper arguing that the multiplier from a proposed fiscal stimulus of 25,000,000 will be 1.5. in other words the ratio of the total economic impact of the stimulus spending to the original amount spend by the governme..
Assume that the demand for chalk is = 8 0.1, where is the market price and is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $2. Cons..
A man is planning to retire in 20 years. money can be deposited at 6% interest compounded monthly, and it is also estimated that the future general inflation rate will be 4% compounded annually. What amount end of month deposit must be made each mont..
q1. is it advantageous for all countries to utilize cheaper labor or does importing your goods back to the u.s. still
A manufacturer has paid an engineering firm $200,000 to design a new plant, and it will cost another $2 million to build the plant. In the meantime, however, the manufacturer has learned of a foreign company that offers to build an equivalent plant f..
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