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Consider the short-run situation of a market with three identical firms producing homogeneous outputs. Each firm's total cost function is C(q) = (1/2)q2, where q 0 is a possible output. Market demand is given by Q(p) = 2-2P
a. Find the best response function for each firm.
b. Find the Cournot equilibrium in this market.
The energy Department estimates that domestic demand for natural gas will grow by more than 40 percent between now and 2025. Distinguish between a demand function and a demand curve.
Tom is a utility maximizer with an income of $200/week, which he spends on two goods, food and clothing. The unit prices of food and clothing are $3 and $20 respectively. 1.) Draw a graph that shows Tom's choice using an indifference curve and his..
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
An economy has full-employment output of Y%u0305 = 1850. Desired consumption and desired investment are: \(C^{d}= 500 + .5(Y-T)-100r\) \(I^{d}= 400 - 100r\) Government purchases and taxes are G = T = 200. Money demand is: \(M^{d}=P(.5Y-200i)\) The n..
What rate of return per month will an engineer make over 2 and a half year project period if he invested $150,000 to produce portable 12volt air compressors. His estimated monthly costs are $27,000 with income $33,000 per month.
ADVANCED ANALYSIS Assume that the consumption schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 30..
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the typical market basket.
Two production lines are under evaluation. One uses waterjet cutting technology and has an initial cost of $100,000 , an annual operating cost of $10,000 , a useful life of 5years, and a salvage value of $70,000 at the end of 5years.
Interpret the coefficient of LOG (AVGINC). Are its sign consistent with your expectations and determinant factors that explain students' performance in fifth-grade tests. We observe a sample of 420 districts in California
The capital investment cost for a switchgrass-fueled ethanol plant with a capacity of 250,000 gallons per year if $1.4 million. The cost-capcaity factor for this particular plant technology is 0.59 for capacities ranging from 200,000 gallons per y..
This is, in part due to the fact that the company spent 1.2 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1.25 per pill, the own price elasticity of demand for the drug is -2.5.
This question considers a closed economy Keynesian model that is augmented to include transfers payments to consumers (Tr = Transfers) that increase consumers' disposable incomes and lower government savings.Derive and calculate the Keynesian mult..
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