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A market contains a group of identical price-taking firms. Each firm has a marginal cost curve SMC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds $20 per unit and will shut down if the price is less than $20 per unit. The market demand curve for the industry is D(P) = 240 P/2, where P is the market price. At the equilibrium market price, each firm produces 20 units. What is the equilibrium market price, and how many firms are in this industry?
1. suppose a local food retailer firm has the following cost function that depends on the daily sales of two goods soft
the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal pro..
Make an in depth analysis on how your prediction of indicators Gross Domestic Product, Producer Price Index and Retail Sales or PC Retail Sales will effect the Dynamic Random Access Memory industry.
Do you use illustrations to teach others? How have you used examples to win an argument, teach your child a difficult lesson, or to explain a problem? In what ways are illustrations a part of your daily interactions with others?
Susan consumes apples and bananas. Her utility function is given by U(A,B) = AB where A is the quantity of apples and B is the quantity of bananas. Sarah is maximizing her utility by consuming 5 apples and 10 bananas. With the number of apples on ..
But the average person with limited information and mixed motivations has a different problem in attempting to answer a survey or express a preference for one project over another. How might these two dimensions of choice complicate the task of co..
The following graph shows the economy in long-run equilibrium at the expected price level of 120 and the natural rate of output of $600 billion. Suppose the government increases spending on building and repairing, highways, bridges, and ports.
Explain in words why U.S. export industries would benefit from a reduction in restrictions on imports to the United States.
how would you expect a firm's investment decisions to be affected by a sudden increase in the demand for its product? What factors would determine the speed of its reaction?
A certain town has yearly exports that total $40 million. It has no imports. The town's marginal propensity to consume residence expenditures from their income is 0.15 The town's marginal propensity to spend on other things is 0.65
The daily demand for Invigorated PED shoes is estimated to be where Ax represents the amount of advertising spent on shoes (X), Px is the price of good X, Py is the price of good Y, and M is average income.
The industry demand function for bulk plastics is represented by following equation: P = 800 - 20Q Where Q represents millions of pounds of plastic, The total cost function for the industry, exclusive of a required return on invested capital.
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