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The firm operates in perfectly competitive market and product markets. The going price of capital (r) is $1,000 per machine per week. Moreover, the firm sells its output at the going price (p) of $1 per widget. Consider the firm's short run labor demand problem.
If the current stock of capital is fixed at 250 units, how many full-time workers should the firm employ if the weekly salary of each full-time worker (w) is $400 per week? Compute the firm's level of output and profits per week in this short-run equilibrium.
A small country can import a good at a world price of 10 per unit. The domestic supply curve of the good is S = 50 + 5P. The domestic demand curve is D = 400 - 10P. In addition, each unit of production yields a marginal social benefit of 10. a. C..
A civil engineering consulting firm is evaluating its cash flow requirements for the next 7 years. The company expects to replace computer equipment and furniture at various times over the 7-year planning period. Specifically, the company expects ..
A monopolist faces a demand curve given by: P = 220 - 3Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $40. There are no fixed costs of production.
Weekly demand and cost relations for Sandpiper Products, Inc., are given by the equations P = $180 - $10Q (Demand) TC = $75,000 + $5Q + $7.5Q2 Where Q is the quantity produced and sold per week.
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
The demand function for bicycles in Mapleville is estimated to be Qd = 2,500 + 10Y - 6 P Where Y denotes income in thousands, Qd is the quantity demanded in units, and P is the price of bicycles. When P = $120, Y = 12 What is the price elasticity o..
A sales agent is provided a $50 commission in addition to her salary for each new energy-efficient convection oven she sells during a one-month introductory period. Based upon the response to the convection oven when introduced in other geographic..
A radiology firm charges $2,000 per exam. An insurer's allowed fee is 80 percent of charges. Its beneficiaries pay 25 percent of the allowed fee. If the radiology firm raised its charge to $3,000.How much would the insurer pay
Using a method similar to the consumer price index, compute the percentage change in the overall price level. Use 2009 as the base year, and fix the basket at 1 karaoke machine and 3 CDs.
Assume that CAPM holds, Your goal is to create a portfolio of stocks X, Y, and the risk-free asset. The beta of the portfolio is P = 0:70. X has a beta of 1:5 and Y has a beta of 2:0. Expected return of Y is 10% more than the expected return of X...
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Consider a monopoly where the market demand is given by P = 170-2.5Q. The monopoly is facing the following costs: MC = 20, and TC = 20Q + 1,250. a) What is the marginal revenue of the monopolist What is the condition for profit maximization in mono..
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