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Q. Suppose the state is trying to decide how many miles of a very scenic river it should preserve. There are 100 people in the society, each of them has an identical inverse demand function given by P=10-1.0q, where q is the number of miles preserved and P is the per-mile price he or she is willing to pay for q miles of preserved river.
(a) If the marginal cost of preservation is $500 for every mile, explain how many miles would be preserved in an efficient allocation?
(B) How large is the economic surplus?
Calculate the firm's optimal output and profits if prices rise to $65 per unit and also calculate equilibrium output, price and profit levels if the firm is typical in its industry.
The equilibrium quantity increase or decrease depends on Demand
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
Assume that the firms form a cartel to maximize total industry profits. Determine the optimum output as well as selling cost for each firm.
The licorice industry is competitive. Each firm produes 2 million strings of licorice every year. Total cost of strings have an average.
A car manufacturer claims that its vehicles average at least 25 miles per gallon.
Compare the competitive price charged and quantity produced under perfect competition and monopoly. Other than identifying the presence of only one producer under monopoly, why do we tend to see this differential.
Explain how the circular flow diagram relates to the current economic situation.
Assume that we care about the average welfare of individuals in Indian villages, i.e., we put equal weight on each individual's utility.
What is the market equilibrium cost. What is the equilibrium number of firms in the market.
Afterward on same day Jane Harris discussed a loan for $5400 at same bank. Exemplify after these transactions, the supply of money.
In 2020, Ahmed decides to invest in a wind turbine that would produce and sell electricity to the local electric utility. He decides to buy a smaller, used turbine.
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