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There are only 2 firms in a market facing same demand curve as follows:
Q = 120 – 10P
The marginal cost of each firm are, respectively,
MC1 = 4 + 0.2 Q1 and MC2 = 4 + 0.2 Q2
a) Find the profit maximization level of output for both firms.
b) Which firm is more vulnerable in case of aggressive price war between these two firms? Why?
Susie's boss offers her $100 to come to work instead. In considering what to do, which of the above would be considered a sunk cost.
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In order to host the Winter Olympic Games, the city of Vancouver incurred a large debt, which will have to be repaid over time. Reflecting on this fact, one Vancouver resident complained, “The average guy is going to see his taxes increase” [Austen, ..
Suppose the restaurant’s cost function for shrimp balls is C(Q) = 2500 + Q + Q2, and the marginal cost curve is therefore MC(Q) = 1 + 2Q. What is the variable cost function? What is the average variable cost function? What is the average cost functio..
On what documents (and where) would a sale of some of your company's equipment for cash appear?
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Which of the following would cause a movement along the supply curve (that is,a change in the quantity supplied)for hot dogs check all that apply
Suppose the Fed reduces the money supply by 5 percent. (a) What happens to the aggregate demand curve? (b) What happens to the level of output and the price level in the short run and in the long run?
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
If the prices of all products are raising at 5 percent per year and your employer gives you a 5 percent salary increase, are you better off, worse off, or equally well off in comparison with your situation a year ago? Use indifference curve analysis ..
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