Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Gasoline is sold through local gasoline stations under perfectly competitive conditions. All gasoline station owners face the same long-run average cost curve given by AC = .01q-1 +100/q and the same long-run marginal cost curve given by MC = .02q-1 where q is the number of gallons sold per day. a. Assuming the market is in long-run equilibrium, how much gasoline will each individual owner sell per day? What are the long-run average cost and marginal cost at this output level? b. The market demand for gasoline is given by QD = 2,500,000 - 500,OOOP where Qo is the number of gallons demanded per day and P is the price per gallon. Given your answer to part a, what will be the price of gasoline in long-run equilibrium? How much gasoline will be demanded, and how many gas stations will there be? c. Suppose that because of the development of solar-powered cars, the market demand for gasoline shifts inward to QD = 2,000,000 - 1,000,OOOP In long-run equilibrium, what will be the price of gasoline? How much total gasoline will be demanded, and how many gas stations will there be? d. Graph your results.
Briefly explain the theory of reciprocal demand. How does it provide a meaningful explanation of the international term of trade?
Smith and Wesson have written a new managerial economics book for which they receive royalty payments of 15 percent of total revenue from sales of the book. Because their income is tied to revenue, not profit, they want to maximize total revenue. wha..
What is the future worth of a series of equal monthly payments of $5,000 if the series extends over a period of six years at 9% interest compounded?
Is society obligated to ensure access to a basic level of health care for all its citizens such as the accepted obligation to provide educational opportunity to all citizens?
Utilize the information from the completed table also the graphs to identify the three stages of production also explain why the industry's short run production has only one ‘rational' stage of production.
IS-LM-FX Model with Floating Exchange Rate... For each of the following situations use the IS-LM-FX model to illustrate, first, the effects of the temporary shock, and then the policy response. All else equal, there is an increase in the expected no..
Under Stackleberg competition between two firms, if both firms have the same marginal cost:
Consider the following game between player 1, who chooses among strategies U, M, and D, and player 2, who chooses among strategies A, B, and C. Why is this normal form representation different from others in the chapter? The most reasonable predictio..
Suddenly, 20,000 people immigrate from abroad and initially settle in the West. Elucidate why they possess the same skills as the native residents and also supply their labor inelastically.
If we open up the market to free trade so that the world price dominates, what will be the quantity imported? Suppose the government placed a tariff of $10 per unit imported on this good. How much revenue would they raise?
When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?
A recessionary expenditure gap in a mixed open economy can be measured as the extent to which cumulative expenditures
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd