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What's so perfect about Perfect Competition?
Use the following data to answer the question.
Quantity
Marginal
0
___
_____
1
$2
$10
2
$3
$9
3
$4
$8
4
$5
$7
5
$6
6
7
8
$12
1. For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
2. On the graph, label the area of consumer surplus as f. Label the area of producer surplus as g.
If the equilibrium price were $2, what would be the amount of producer surplus?
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and w..
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According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Assume the government imposes a tax of $2.00 per unit to reduce widget consumption and raise government revenues. What will the equilibrium quantity be?
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
Compare and contrast the monopolist and the monopolistic firm Monopolistic competition is an inefficient form of organisation. Discuss
American Mining Company is interested in obtaining quick estimates of the supply and demand curves for coal.
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
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Explain the economic situation in the UAE based on the article. Summarize the articles with your own words
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