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Based on the best available econometric estimates, the market elasticity of demand for your firms product is -2. The marginal cost of producing the product is constant at $150, while average total cost at current production levels is $225.
Determine your optimal per unit price if:
a. You are a monopolist.
b. You compete against one other firm in a Cournot oligopoly.
c. You compete against 19 other firms in a Cournot oligopoly.
In an effort to reduce education expenditures, Delware shuts down two of the five colleges that train nurses. Using the traditional supply and demand model, discuss the effects of the budget cut on three markets: the markets for nurse schooling (tuit..
Suppose the market demand function (expressed in dollars) for a normal product is P = 480 – 4q and the marginal cost of producing it is MC = 2q, where P is the price of the product and q is the quantity demanded or supplied. How much would be supplie..
Suppose the demand for eggs is: Q=8,000-3,000P and the supply of eggs is: Q= -500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs. (Enter price responses rounded to two decimal places.) T..
When do assumptions made in conjunction with economic theorizing have to be realistic. Can unrealistic assumptions provide useful outcomes.
The Newport Beach Sanitary Agency is presently shipping its waste to another municipality at an annual cost of $100,000. It is considering building a landfill near the city. Start-up costs for the landfill are $900,000, and there are closing costs of..
Suppose demand conditions in industries X and Y are identical but that productivity increases by 5% in industry X and 2% in industry Y. If economy-wide productivity and the average wage each rise by 3%, we should expect that:
Deer have become increasingly apparent in a rural county. Last year it was estimated that there were 40 breeding pairs (a deer must reach the age of 1 to breed). Do you think it is likely that the deer population in the county is increasing? Will the..
Give two examples of economic way of thinking and illustrate how the economic way of thinking applies to your examples? How does the circular flow diagram work? Adam Smith is considered to be the father of Economics Which famous book did he write? Wh..
An article published in an economics journal examines “life cycle consumption decisions,” that is, an individual’s borrowing, spending, saving and investment from childhood through retirement. The authors describe their study as an “experiment . . . ..
A monopoly's demand curve is P = 200 – 3Q and its MC = $20. How many customers should this company serve? What is the price paid by each customer? What will be the company’s gross revenue in this venture?
How much (per unit) is the tax? Briefly discuss how incidence of the tax is divided between buyers and sellers in this case. Find comsumer surplus and producer surplus both before and after the tax. How much tax revenue has been generated? What impac..
Elucidate why a currency appreciation does not improve a nation's balance of trade.
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