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Consider an industry in which all firms have identical technology given by a production function: q = min K α , L 1 − α 1/2 , where q is the level of output, α is some constant between 0 and 1, and K and L are two inputs. The price of K is $1 and the price of L is also $1. In addition, each firm must pay $16 for q > 0. Assume demand is given by the demand function D(p) = 100 − p. (a) Suppose that there are six firms in the industry and no firms can enter. Characterize the equilibrium by giving: equilibrium price, quantity, output per firm, profit per firm. (b) Suppose there is free entry into this industry. Describe the long-run equilibrium by giving: equilibrium price, quantity, number of firms, output per firm, profit per firm.
Cap-and trade as an economic tool for controlling environmental pollution only works if the regulating agency has specific information about the environment. What must be known for cap-and-trade work?
What is a difference between fiat and commodity money?
Depend on this information, which market structure best characterizes the industry in which Forey competes.
Why does it make sense for a firm to shut down in the short run if the price falls below minimum average variable cost?
If the market price of the product is 270, how much output should the firm produce in order to maximize profit. How much profit will this firm make.
q.a toy manufacturer launched a new toy truck last year which was a huge success. 2.5 million invested by company for a
What is a duty that managers owe to the corporation? Discuss an example of a positive method that the manager may uphold that duty. Provide an example of an act or omission that depicts a manager violating the duty.
Say whether each of the following situations involves screening or signalling.
George W. Bush was elected president in 2000 and his administration conducted fiscal policy together with the monetary policy conducted by the Fed responding to the recession. Although the fiscal policy conducted by the Bush administration successful..
its lenders requested that the firm disclose full information about its revenues and costs. Elucidate why Brownstown's management was reluctant to release this information to its lenders.
Miller and Wicks-Lim disagree. Explain why, referencing their arguments on a) the argument that high skill jobs aren’t the main type of employment available (use a statistic), What do the authors think is causing the current unemployment?
Walmart.com announced that it wants to be "the most visited, most valued online retail site." Suppose you were hired by an outside consulting firm to evaluate Walmart.com's potential to achieve this goal.
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