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Find the equilibrium price (P), quantity (Q), and revenue in a market characterized by the following equations:
Qd = 500 - 2P [demand]
Qs = 3P [supply]
A industry is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do.
Firms can shift their marginal cost curves to the right, resulting in higher outputs at the same or lower maximum-profit prices. This can be done by
Make sure to include all appropriate graphs with supply and demand, the initial equilibrium and the shift in the supply or demand curve and the corresponding change in the price and quantity in each graph, as well as an intuitive explanation.
The city council of a small college town decides to regulate rents in order to reduce student living expenses. Suppose the annual market clearing rent for a two bedroom apartment has been $700 per month and that rents were expected to increase to $90..
The operating instruction issued to the European Central Bank is to use monetary policy to focus entirely on targeting the inflation rate. If it follows those rules what would it’s Taylor rule equation look like? Be specific.
Consider the case in which 100 adults each own an antique stamp, purchased for $1 each in 1972, and these individuals value the stamp. Each owner values the stamp differently, between $1 and $100
How do prices, output, and profits differ between monopolies and monopolistically competitive firms.
Suppose we only use labor in a production run. How do we determine the optimal level of labor input in the short run? In other words what condition must be met
Given the demand curve P= 2,000 – 2Q and marginal costs of MC = 1,100 + 2Q, the firm’s profit will maximize at equilibrium price and output of: Based on the demand and cost function in previous question, in a two-part tariff pricing strategy, what is..
A firm sells its product in a perfectly competitive market where or firms charge a price of $80 per unit. Illustrate what price should firm charge in short run.
Suppose Philip Morris and R.J. Reynolds can write an enforceable contract about illustrate what y will do. Illustrate what is cooperative solution to this game.
Please Identify then Contrast the differences between the rise of prices due to Inflation and the rise in prices in Micro Economic Markets.
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