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A perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost. Now suppose there is a sudden increase in demand for the industry's product which causes the price of the good to rise to $24. Which of the following describes the effect of this increase in demand on a typical firm in the industry?
Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, and that the price of each candy cane is $0.10. Now suppose that the price of sugar rises, increasing the margi..
A zero crowding-out effect occurs when the government spending increases, but the investment does not decrease. In terms of absolute values, a partial crowding-out effect occurs when the increase in government spending is greater than the decrease..
Suppose the following equations are true: Production Function: Q = K1/3L2/3, which means MPK = 1/3K-2/3L2/3,MPL = 2/3K1/3L-1/3 MRTS = 2(K/L) Total Cost = rK + wL r = .2 w = $5
A Jamaican music executive leaves Kingston for New York to promote a reggae concert tour. He exchanges 100,000 Jamaican dollars for American dollars ($104 Jamaican = $1.00 US). After his stay in New York, he has to head to Tokyo (a reggae-crazy c..
Gary and Diane must prepare a presentation. As part of their presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides.
Director of marketing at Vanguard Company believes that sales of the corporation's Bright Side laundry detergent (S) are related to Vanguard's own advertising expenditure,
Total Rev0 8 16 24 32 40 48 56 1.) Calculate marginal revenue & marginal cost for each quantity 2.) Can you tell whether this firm is in a competitive industry and if the industry is in a long-run equilibrium
Charlie cares only about the amount of chocolate he eats this year (C0) and next year (C1). His preferences correspond to the utility function \(U(C_{0},C_{1})=4(\sqrt{C_{0}}+\sqrt{C_{1}})\) Suppose he earns $1,000 this year and nothing..
Lori, who is risk averse, has two pieces of jewelry, each worth $400. She wants to send them to her sister in Mexico. She is concerned about the safety of shipping them. She believes that the probability that a shipped package will not arrive is q..
The demand schedule in the first market is Q1=100-0.5P1, where P1 is the price of the product and Q1 is the amount sold in the market. In the seconds market, the demand is Q2=140-P2, where P2 is the price of the product and Q2 is the amount sold i..
A monopolist's inverse demand function is P = 150 - 3Q. The company produces output at two facilities; the marginal cost of producing at facility 1 is MC1(Q1) = 6Q1, and the marginal cost of producing at facility 2 is MC2(Q2) = 2Q2. Provide the eq..
Nucor Corp manufactures generator coolers for nuclear and gass turbine power plants. The company completed a plant expansion through financing that had a debt/equity mix of 40-60. If %15 million came from mortgages and bond sales, what was the to..
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