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Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q. The company's economic costs are given by: AC = MC = $60 per component.a) Calculate the company's output and price.b) After the company's patent expires, predict the new market output and price. (Suppose that competing suppliers have the same economic costs as the original producer.) Compute the resulting change in consumer surplus.
Which of the following is a characteristic of both monopolistic competition and perfect competition?
The President of US is suggesting increased spending for a missile defense system and also proposing a major long term tax cut. Provide some predictions of possible outcomes for the federal budget categories,
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
Three machines are employed in isolated area. They each produce 2,000 units of output per month, the first requiring $20,000 in raw materials, the second $25,000, and third $28,000.
Demonstrate that under this analysis commodity movement and factor movement are substitutes for each other.
The information technology field is very competitive, and a large information technology company has employed the bank for guidance. companies may have to compete for high quality IT professionals.
Suppose that the banking system is in reserve equilibrium. The Fed conducts an open market buy of Treasury securities in the value of $1 billion.
Write down a paragraph explaining how the Hernandez Corp. finds the least cost combination of inputs for producing the given rate of output.
You're the manager of the firm that sells a commodity in market that resembles perfect competition, and your cost function is C(Q)=Q+2Q^2. Compute the expected market price.
Suppose you own the home remodeling company. You're currently earning short-run profits. The home remodeling industry is the increasing-cost industry. In long run, what do you expect will take place to
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
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