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Consider a monopolistically competitive market with N firms. Each firm's business opportunities are described by the following equations:Demand: Q=100/N-PMarginal Revenue: MR=100/N-2QTotal cost: TC=50+Q(squared)Marginal Cost: MC=2Q
a. How does N, the number of firms in the market, affect each firms demand curve? Why.b. How many units does each firm produce? (The answer to this and the next two questions depend on N.)c. What price does each firm charge?d. How much profit does each firm make?e. In the long run, how many firms will exist in this market?
With the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1 respectively, a consumer George, with an income of $1,000 purchases 400R and 300B. At that point, the consumer's MRSBR = 2R/1B.
Suppose that elimination of tariffs on agricultural products means that 1,000 farm workers lose jobs that pay an average of $20,000 per year. At the same time, because of the imporation of relatively cheaper foreign vegetables.
A local video store estimates their average customer's demand per year is Q = 7 -2P, and knows the marginal cost of each rental is $0.5. How much should the store charge for each rental if it engages in optimal two part pricing
Suppose a tax on beans of $0.05 per can is levied on firms. As a result of the tax, the equilibrium price increases from $0.20 to $0.22. What fraction of the incidence falls on consumers Suppose the supply elasticity is 0.6. What must the demand e..
An economist has predicted that for the next 5 years the U.S. will have an 8% annual inflation rate, followed by 5 year at a 6% inflation rate. this is equivalent to what average price change per year for the entire 10-year period
If taxes were cut by $200 billion, the resulting spree would amount to Initial increase in consumption = 0.75 3 $200 billion = $150 billion ( a ) By how much does consumer saving increase initially ( b ) How large is the initial spending injection
Kristin Earhardt is a 26-year-old management trainee at a large chemical company. She is single and has no plans for marriage. Her annual salary is $34, 000 (placing her in the 1 5% tax bracket), and her monthly expenditures come to approximately ..
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
Find the optimal monopoly price, the elasticity of demand at the optimal price, and the output distortion with respect to the perfectly competitive levels for the following cost and demand functions: a. Q(p)= a-p andC(Q)=cQ
Two firms can control emissions at the following marginal costs: MC1 = 200q1, MC2 = 100q2, where q1 and q2 are the amount of emissions reduced by the first and second firm. Assume with no control each firm would emit 20 units or a total of 40 unit..
In one minute, Country B can produce either 1,000 TVs and no computers or 500 computers and no TVs. Similarly, in one minute Country C can produce either 2,400 TVs or 600 computers.
a. if televisions are sold in a perfectly competitive market, calculate the annual number sold. under what conditions will the market equilibrium be economically efficient b. suppose tv sets are banned. calculate the loss in consumer surplus as a r..
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