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Q AC MC 1 4 12 2 8 20 3 12 28 4 16 36 5 20 44 6 24 52 7 28 60 8 32 68 9 36 76 suppose that there are 70 firms in operating in the industry. using the MC curve, find out how much output in total is delivered to the market at each price (you only need to consider prices equal to the MC values above). now assume that the market demand curve is given by p = 305 - .5Q, where p is the market price. for purposes of this problem, it is helpful to "invert" the demand curve, writing Q in terms of p. this gives Q = 610 - 2p. a) when p = 44 the market has a) excess supply or b) excess demand equal to ? units when p = 68, the market has a) excess supply or b) excess demand equal to ? units. b) find the market equilibrium price, and compute output per firm and profit per firm at this price (you need only check prices corresponding to the above MC values). the equilibrium price is p = ?, output per firm is Q = ?, and profit per firm equals ?. c) suppose that producers feel that they are not earning enough profit and, as a result, they lobby the government to institute a "price support program." they convince the government that a "fair" price for widgets is $76. to guarantee that this price is realized, the government has to go into the market and buy output, which it then puts in a warehouse for indefinite storage. the government must buy ? units of output to reach its price target. the price support program raises profit per firm to ?.
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
The equilibrium price for physiotherapy visits is $30 and the quantity utilized is 150 visits as a result of the demand and supply conditions in this diagram. The state legislature is concerned that the current price does not give the physiotherap..
Discuss how your answer relates to the income and substitution effects of a price change from Knoxville food prices to Berkeley food prices.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
Quantity of pizzas demanded soared he following week from 1 pie an hour to 100 pies an hour. Illustrate what was the price elasticity of demand for Domino's pizza.
A married couple is considering purchasing a new sport utility vehicle (SUV) 5 years from now. They expect the SUV to cost $32,000 at the time of purchase.
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
Elucidate the difference between the government purchases multiplier and the net tax multiplier. If the MPC falls, what happens to the tax multiplier.
use the information in the table to calculate total revenue, marginal revenue, and marginal cost. Indicate profit- maximizing level of output. If the price was $3 and fixed costs were $5, what would vaiable cost be? At what level of output would t..
Elucidate the rationale for this policy. Also analyze the effect this policy might have in the short run on the following macroeconomic variables.
After 25 years, the level of GDP in the second country is more than 25% larger than that of the first country. Why? And what does this show of the importance of small differences in the rate of growth?
Under what conditions does a nominal tariff applied to an import product overstate or understate the actual, or effective, protection afforded by the nominal tariff? Less-developed nations sometimes argue that the industrialized nations' tariff st..
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