Already have an account? Get multiple benefits of using own account!
Login in your account..!
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The market for beet sugar is purely competitive and entry is free. There are 1000 producers in the industry each of which has a total cost function given by:
TC= 240q - 20q² +q³
The demand: Q= 21,280 - 2P
1- determine the industry's supply curve and graph it.
Assume the normal production process for beet sugar uses high sulfur oil for fuel and releases two units of sulfur dioxide to the air for every ton of beet sugar manufactured.2- then the market reaches short-run equilibrium, how many units of sulfur dioxide does the industry dump into the air per week? Show calculations.3- An anti-pollution law is passed which requires the industry to burn only low-sulfur oil. The use of low-sulfur oil has the effect of adding $225 to the cost of every ton of beet sugar produced. Otherwise, every productive operation is unchanged. How will this regulation affect the industry supply curve? Draw the new supply curve.4- When the market reaches (short-run) equilibrium with the regulation in force, how much pollution will the industry produce each week, given that use of low-sulfur oil reduces pollution to 0.75 units of sulfur dioxide per unit of output? Show calculations.5- What is the effect of the regulation on the price paid by the buyer of beet sugar?6- Without regulation, how much profits would each firm be making?7- If there is free entry, what would be the long-run industry price and quantity and what would be the number of firms in the industry (without regulation)?8- Explain the process in 7 above that would drive the industry into long-run equilibrium.
Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
Distinguish between explicit & implicit costs, giving example of each and what are the explicit & implicit costs of attending college?? Why does the economist classify normal profit as a cost?
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Show how to generate a supply and demand function from a information table that includes the supply and demand information for two different price levels.
As the employer who wants to reduce the production cost during the economic recession, he or she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all.
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
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
Using aggregate demand, short run aggregate supply, and long run aggregate supply curves, describe the process through which each government policies will move economy from one long run macroeconomic equilibruium to another.
What is firm's cost of capital at the various combinations of debt and equity? What is the firm's optimal capital structure? Construct a balance sheet showing that combination of debt and equity financing.
Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd