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1. Consider the competitive market for natural gas. Now suppose that the price of renewable energy (a substitute for natural gas) decreases because of a technological advance. Answer the following questions about the natural gas market.
a. Draw two graphs, side by side, illustrating the short-run effects of the fall in renewable energy prices on the natural gas market and an individual natural gas firm’s output and profit. Use a graph with a ‘typical’ set of average total cost (ATC) and marginal cost (MC) curves.
b. Briefly explain the long-run effects of the fall in renewable energy prices on the natural gas market by using a graph (or graphs) to show the likely effects on the profits of natural gas firms, and the market price and market quantity of natural gas.
Which of the following is not an automatic? stabilizer?
The accompanying table shows a boat manufacturer’s total cost of producing boats. Quantity of Boats Total Cost 0 $ 450,000 1 $ 490,000 2 $ 510,000 3 $ 520,000 4 $ 540,000 5 $ 570,000 6 $ 610,000 7 $ 670,000 8 $ 750,000 9 $ 870,000 1. What is this man..
Compare and contrast the ticket prices and product offerings of the two airlines. Use care that the fares are comparable by examining ancillary charges. What conclusions do you draw about pricing and products?
Describe partnership contributions and distributions. Please include information on the taxability of partnership contributions and distributions and how the IRS has created various elections to counterbalance or minimize the uneven effects of certai..
You purchase 27 call option contracts with a strike price of $145 and a premium of $3.65. Assume the stock price at expiration is $157.40. What is your dollar profit? What if the stock price is $143.35? What is the dollar return?
Lisa is a self-employed physical therapist who works from a rented space. Lisa charges $250 for a therapy session. She incurred the following costs last month: space and equipment rental, $1400; wages, $3500; materials, $1800. If Lisa’s profit last m..
Suppose you have 5 stocks. In the past week they have changed in the following way: +5,1,+2,3,2. For each of the value functions from the previous problem, determine what the optimal way to bracket stocks into a portfolio to maximize the value.
The City Council in Bigtown is considering removing the monopoly rights of Bigtown Cable TV, Inc. Bigtown Cable is arguing that the competition in the cable TV market will be chaotic and result in a loss of jobs. As the staff economist for the City C..
Explore in particular how the two companies respond to the macroeconomic conditions in terms of their.
q.the world is composed of two economies the european union and the united states. one of the european firms has a
Total profit is maximized at output of ? What is profit maximizing price? What will profits be at profit max output and price?
Currently, a fast-food firm has a monopoly in the university student union. The monopoly pays the university $75,000 a year in order to maintain it. The firm earns an economic profit of $290,000 per year. Another fast-food firm wants to enter the mar..
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