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A number of stores offer film developing as a service to their costumers. Suppose that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .(a) If the current rate for developing a roll of film is $8.5, is the industry in long run equilibrium? Explain.(b) If the firm is not in a long run equilibrium, find the price associated with long run equilibrium.(c) Suppose now that a new technology is developed which will reduce the cost of film developing (total cost) by%25. Assuming that the industry is in long run equilibrium, how much would any one store be willing to pay to purchase this new technology?Problem 3You are given the following information about a particular industry:
Qd=6500-100PQs=1200Pc(q)=722+q^2/200
Where QD is the market demand, QS is the market supply and MC(q) is the firm total cost function.Assuming that all firms are identical, and that the market is characterized by pure competition,(a) Find the equilibrium price, the equilibrium quantity, the output supplied by each firm and the profit of the firm in the short run.(b) Would you expect to see entry into or exit from the industry in the long-run? Explain. What effect will entry or exit have on market equilibrium?(c) What is the lowest price at which each firm would sell its output in the long run? Is profit positive, negative or zero at this price? Explain.
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
Choose a United States multinational company. In terms of currency denomination, discuss how the company values its revenues and costs.
Define the term "opportunity cost." Now that you have a definition of opportunity cost weigh the positives and negatives of taking a leave of absence from work and moving out of town to attend college full time, or maintaining your job while atten..
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
Recent health reports indicate that calcium is asorbed better in natural forms as milk, and at the same time, the cost of milking equipment rises. Examine the probable effects on the market.
Your manager comes in with three sets of proposals for a new production process. Each process employs three inputs: land, labor, and capital.
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
What are three main factors of production? Who are the main economic decision makers in a Markey system? Can firms and households resolve problems by cooperating with each other?
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
What will be the effect of the following events on the market for French wine and the quantity consumed? Distinguish between the short-run and the long-run impact.
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
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