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A firm is considering entering a market where demand for its product is Q = 100 - P. This demand function implies that the firm's marginal revenue function is MR = 100 - 2Q. The firm's total cost of producing the product for that market is TC = 1000 + 20Q + Q^2 which indicates that its marginal cost function is MC = 20 + 2Q. Calculate the firm's profit and hence indicate whether or not the firm should enter the market. Also represent your findings on an appropriate graph.
Pete’s Pie Shop is a perfectly competitive firm. If the total output of pies in Pete’s Pie Shop increases from 20 per hour to 30 per hour as he hires the second worker, then. Every time Pete makes another pie in his shop, he uses $1.20 worth of pastr..
Economic resources have a price above zero because...
illustrate the effect of capital formation by comparing the product posibility curves,at the present time and ten years in the future for two economies,one with a high and the other with a lowrate of capital formation.
A flood control project with a life of 15 years will require an investment of $250,000 and annual maintenance costs of $20,000. The project will provide no benefits for the first two years but will save $60,000 per year in flood damage starting in th..
Illustrate what whould be the appropriate elasticity to compute. Using the midpoint method, compute this elasticity.
Elucidate which methods resulted in the most hits. Elucidate which methods resulted in few or no hits.
Analyze the following ideas graphically and explain any fallacies that may be stated. An increase in demand will cause price to rise, with a rise in price, supply will increase and the increase in supply will push price down. Therefore, an increase i..
Suppose there are two plants that are emitting sulphur dioxide into the air and polluting the environment. One plant has a higher marginal benefit curve than the other. Draw and label a graph illustrating the impact of imposing a uniform environmenta..
Why do economists use economic models when making predictions or assumptions about the economy? Which economic model do you believe is the most beneficial to YOU at the present time? Why?
Consider the two-period consumption model of borrowing and saving. Suppose Claire has an income of m1 today and m2 a year from now and can borrow and lend at the interest rate r. She chooses consumption levels c1 and c2 given her well-behaved prefere..
Explore one of the sophisticated alternative pricing techniques (i.e. price discrimination, price bundling, etc.) and provide an example of how it is used. What are some constraints that may limit the ability of firms to use these techniques?
Considering political disposition as an axis of product differentiation does vertical or horizontal differentiation best categorize it.
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