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Apple's iPod has been the portable MP3-player of choice among many gadget enthusiasts. Suppose that Apple is a dominant firm in the ipod market and has a constant marginal cost of 4 (assume no fixed cost) and that market demand is given by Q = 200 - 2P. Suppose there is a competitive fringe of 12 price-taking firms, each of which has a total cost function TC(q) =3q2 + 20q.
a) Find the supply function of the fringe (Hint: A competitive firm supplies along its marginal cost curve above its shutdown point), and the equation of Apple's residual demand curve.
b) What is Apple's optimal output? How many units will fringe providers sell? What is the market price? What is Apple's market share?
Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x? Explain
potter corporation sells office supplies to government agencies. the company reports the following selected account
1. The increase in deficit-financed govt spending causes real GDP to increase to natural real GDP.
Elucidate the price also quantity that maximizes the company's profit.
Why do you think the compensation plan differ at the two firms. In particular why do you think Kaufmann s pays commission to salespeople, while Parkleigh does not.
Between patents and copyrights, which reflects a free market, and which is a grant of monopoly privilege by the state? Patents give inventors or developers of new products
Two power plants are currently emitting 8,000 tons of pollution each (for a total of 16,000 tons). Pollution reduction costs for Plant 1 are given by MCR 1 = 0.02 Q and for Plant 2 by MCR 2 = 0.03 Q , where Q represents the number of tons of pollutio..
Do you think the MP (marginal productivity) figures in the presentation are based on a single variable factor, or all factors of production? Why? In the paper, what other input factors are necessary to make the holiday wreaths?
In Japan, potential GDP is 600 trillion yen (¥) and the table below shows Japan’s aggregate demand and short-run aggregate supply schedule. Draw a graph of the aggregate demand curve and the short-run aggregate supply curve. What is the short-run equ..
The monopoly's supply curve
The U.S. government pays an economist at the U.S. Department of Commerce $50,000 in salary in 2006. The economist then retires. In 2007, the government pays him $30,000 in retirement benefits. The 2006 payment is included in 2006 GDP as government pu..
Aggregate demand and supply have varied impacts on economy of city. During the recession, economy faces the fall in the demand and fall in the demand brings about the unemployment to economy of city. To deal with the unemployment, there must be incre..
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