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Consider a competitive industry in which each firm has the same production technology given by the production function q = K1/3L2/3, where K and L are two inputs and q is the amount of output. The unit price of K is $0.50 and the unit price of L is $1. Firms have no fixed costs. Suppose there are exactly 100 firms in the industry; they can leave if they are unprofitable; but no one else can enter even in the long run. (a) The firm’s production function exhibits increasing, decreasing, or constant returns to scale? (So, the following questions are concerned about market behavior associated with production functions of this type of returns to scale.) (b) If demand for the output is given by D(p) = 400 − 100p, what is the long-run equilibrium? Describe the long-run equilibrium by giving: the equilibrium price, quantity, number of firms, output per firm, amount of factors used by each firm, profit per firm. (c) Demand shifts to D(p) = 750 − 150p. What is the new short-run equilibrium where the firms can vary their usage of L but not their usage of K? Describe the short-run equilibrium by giving: the equilibrium price, quantity, number of firms, output per firm, amount of factors used by each firm, profit per firm.
The inverse demand for your product is P = 200 - 0.1Q in for tourists and P = 500 - 0.2Q in for business travelers. If you price discriminate, what are your optimal prices to the two types of travelers?
In a criminal case, explain how the state changes the defendant, who has the burden of proof and what, is the burden of proof?
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Compute the equilibrium level of income, the size of the multiplier, and the change in equilibrium income for an increase in autonomous consumption of $50 million. Suppose the entire economy contains $5000 worth of one-dollar bills. If people fail to..
It is $16 trillion today. Does this mean that the average American is twice as well off today than in 1996? Why or why not?
Calculate the substitution and income effect for the utility function: u(x,y) = x + lny and show that the Slutsky equation applies to those cases.
Mike borrowed $20,000 from a credit union to buy a car at 8.5% interest per year compounded monthly for 60 months. The monthly payment for Mike is equal to _______________?
What effect does the Dollar depreciation and appreciation have on US trade balance? Explain. Discuss the pros and cons of a fixed-exchange rate regime.
Imagine the hourly production for tuna cans is given by q = 6K + 4L. Assuming capital is fixed at 6, how much L is required to product 60 tuna cans per hour? Assuming capital is fixed at 8, how much L is required to product 60 tuna cans per hour?
Explain why consumer ratings are so very important to consumers today. The reality of it is that consumers are willing to take the word of a perfect stranger over that of a credible company. Aside from the profit motives of the company, why is this p..
Explain why industry expansion in response to rising prices will put even more upward pressure on price in the cattle price cycle. What happens to finally cause the turnaround at the peak of the cattle price cycle?
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