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Derive the cost function for the two-input, constant-returns, Cobb-Douglas technology. Fix one input and derive the short-run cost function. Show that long-run average and long-run marginal cost are constant and equal. Show that for every level of the fixed input, short-run average cost and long-run average cost are equal at the minimum level of short-run average cost. Illustrate your results in the cost-output plane.
Cournot (quantity) and Stackelberg (sequential) Two identical firms, Firm 1 and Firm 2, compete in quantity in a market where inverse demand is P(Q) = 100 − Q and there exists a constant marginal cost of 20 per unit. Find the Cournot equilibrium. Fin..
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity and price.
Suppose that the level of capital in the economy is 200 units, the depreciation rate is 10%, and the level of investment is equal to 10 units. In this case:
Suppose a firm purchases labor in a competitive domestic labor market and sells its product in a competitive international product market that covers the whole world. Domestic producers represent a small portion of the world market and have no influe..
On June 14, 2011, the Delaware Senate approved a gun buyback program. The yearlong program would authorize the state to pay $100 for every gun turned over to police. What sort of guns should Delaware officials expect to get if this plan becomes law?
Manager of EPS find outs two output levels that appear to be optimal. Illustrate what are these levels of output and which one is actually optimal.
Why might a company use an indirect cost discrimination scheme versus direct cost discrimination
Suppose the government increases purchases in an economy with a recessionary gap. How would this policy affect bond prices, interest rates, investment, net exports, real GDP, and the price level? Show your results graphically.
Explain why an economy in which airlines charge different passengers different prices for the same flight will not have exchange efficiency. b. Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given alloc..
Review the following graph. If Mexico produces 300 million tons of food, it can produce _________ million units of clothing without specialization or trade. Each ton of food in Mexico has an opportunity cost of __________ units of clothing. image Cli..
Explain two examples of a public and private goods that you have consumed? Why do you think the government has to supply public goods?
Suppose you are a manager of a watch making firm operating in a competitive market. Your cose of production is given by C = 100 + Q2, where Q is the level of output and C is the total cost. The marginal cost is 2Q. The marginal cost of production is ..
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