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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.
Illustrate what price do you think this firm should charge if it wants to maximize its short-run profit.
Suppose the price is currently $2. Illustrate what problem exists in the economy. What would you expect to happen to price.
_____ is NOT a characteristic appropriate for a yield management strategy.
Kendra Enterprises has never paid a dividend. Free cash flow is projected to be $80,000 and $100.000 for the next 2 years, respectively; after the second year, FCF is expected to grow at a constant rate of 8%. The company’s weighted average cost of c..
If in the closed private economy the aggregate expenditure equilibrium is 470 billion. If exports of 12 billion and imports of 12 billion are now added as well as an additional 70 billion in spending by the government and given a marginal propensity ..
The law of demand implies that when the price of a good rises, people buy less of it. This makes the demand curve slope monotonically downwards. A textbook exception is the so-called Giffen good that by definition behaves in the opposite way.
A purely competitive firm finds that the market price for its products is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units.
Suppose price of Treasury bill falls to $925. Illustrate what is interest rate.
One firm has been contracted by a government agency to provide job training services to low income individuals. The marginal cost curve of the firm is MC=5+0.5Q There are no fixed costs. Firm 1 provides 120 hours of training services each week. What ..
In “Intellectual Property and Pharmaceutical Drugs: An Ethical Analysis,” Richard T. De George lays out what he comes to call the “Status Quo Approach” as a defence of copyright protection of pharmaceuticals. Do you find this argument persuasive ..
Economists say that wages of most countries relative to the US are, for the most part, similar to their productivity relative to the US. Do you think US apparel manufacturers would agree with this?
Investing in a corporate fitness programme Procal Co. is considering establishing a corporate fitness programme for its employees. The firm currently employs 500 workers, mainly managerial and administrative, in a number of offices in one local area...
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