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Your firm is one of 100 identical firms operating in the short run in a perfectly competitive market. Your total cost function (short run and long run) is C = 800 + 25 q + 0.5 q2, and your marginal cost function is MC = 25 + q. The (short run and long run) market demand curve is given by Q = 2,750 – 5P. a.Find the supply curve for your firm. Show work. Then, find the short-run market supply curve. Show work. b.Find equilibrium price, P*, and quantity, Q*, in the market in the short run.Show work. c.Find the lowest price at which your firm will not exit the market in the long run.Show work. Referring to your answer in part b, should your firm exit the market in the long run if P* in the market does not increase over time? Explain. d. If you choose not to exit, how many firms (including your own) do you expect to be in the market in the long run?Show work, and explain.
If a random sample of three South African men were selected at random, what is the probability that the sample mean height is greater than 72 inches? How do you do this two-part question?
Determine which of these statements are normative and which are positive and explain why you place them in the normative or positive category.
The review should consist of a summary of the main arguments of the article also an evaluation of the strengths also weaknesses of the article.
“If the legal standard of care in a negligence rule is necessarily vague, the court should set it below the level of efficient precaution.” Explain the economic argument in favor of this proposition. Doctors are liable when their negligence injures p..
Changes in the federal funds interest rate often lead to similar changes in the prime interest rate
Allocative efficiency (where P = MC) is most likely to occur under which of the following type of market structures?
Shift the supply or demand for loanable funds functions to reflect the impact of the shock. Indicate whether the real interest rate and the quantity of loanable funds Rises or Falls. Households become concerned about social security and decide to sav..
Suppose a perfectly competitive industry whose demand and supply are characterized by the following demand and supply functions: Qd = 180 − 2P and Qs = 10P. How many units will the representative firm produce? Taking this quantity as the average per ..
Which of the following is not an accurate description of what can cause inflation?
Given the equation of exchange set forth by the quantity theory of money (M x V = P x Q), where M is the supply of money, V is the velocity of money, P is the price level, and Q is real output, which of the following best defines M?
Explain how does the U.S. Government correct for this apparent market failure.
In a single year, the Netherlands can raise 100 tons of beef or produce 1,000 boxes of tulips. In the same growing season, Belgium can raise 50 tons of beef or produce 750 boxes of tulips.
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