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Consider a market with the inverse demand p(y)=7-y. Two firms operate in this market as Cournot competitors. Both firms have the cost function c(y)=y+F. If both firms are making nonnegative profits in the Cournot equilibrium, the fixed cost F must be no greater than ________.
What were the total revenue of Harvey's firm in the first year? The explicit costs of Harvey's firm in first year? The implicit costs of Harvey's firm in the first year?
What do you think will happen to the price of tablet computers? Please explain. Whom do you think will reap most of the benefits of any technological innovations in tablets in the next five years; buyers or sellers? Please explain.
Assume a firm has production technology given by f(L,K) = L^1/3 K^1/3. Assume pK = 1 = pL and compute the firm’s short-run and long-run cost functions.
Suppose government now impose a tax, , on every unit of cheese produced. Graphically illustrate market after tax. Label tax revenues collected. Who bears more of burden.
Why are trade agreements important for the various countries involved? How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation
What are the informing factors of global interdependence, including the economic factors, political dynamics and cultural differences.
If the wage rate for his primary job increases to $22 per hour, will Ralph increase or decrease the number of hours he works in the secondary job?
The Texas Transportation Institute at Texas A&M University conducted a survey to determine the number of hours per year drivers waste sitting in traffic.
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
Annual savings due to energy efficiency thermo well have a most likely value of $30,000. The most optimistic value is $40,000 with a probability of 0.2 and a most pessimistic value of $20,000 at 0.3. The First Cost is $150,000, the interest rate 10%,..
Two identical firms compete simultaneously as a Cournot duopoly. The market demand is P = 200 - 2~ where Q stands for the combined output of the two firms, Q = q, + q2. The total cost function for firm 1 is C1 = 60 + 16ql. The total cost function for..
Select one of the following schools of economic thought: Keynesian, Chicago, and Austrian. Identify three keys points or beliefs that are held by that particular school. What are the macroeconomic policy implications of those beliefs? Explain your an..
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