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Suppose there are n identical firms in a market. Each firm’s cost function is given by C = 648 + 8q2, where q is the amount that an individual firm produces. This means that an individual firm’s marginal cost is given by MC = 16q. Also, the market demand is given by P = 306 – 3Q, where Q is the total amount of the good produced by all of the firms combined. Therefore, Q = n*q. a) How much output will each firm produce? b) What will be the market price? c) How many firms will there be in long run equilibrium?
Choose one company from the market structure of monopolistic competition and one company from the oligopoly market structure and state which characteristics make this company fit these market structures.
Over the Christmas Break, you are hired by Apple to help make the new iPad. Show completely labeled graph showing the initial equilibrium wage and quantity for the iPad labor market.
Which of the following statements about the relationship between average product of labor (APL) and marginal product of labor (MPL) is correct?
Illustrate what will happen to GDP if taxes raise 100million when MPC is .75. Compute both tax also income multipliers.
Make a table showing the value of marginal product for each screen from the first through the fifth. Illustrate what property is illustrated by the behavior of marginal products.
Barbara's Body Shop is considering investing in a Kaizen training class. Training the entire workforce now incurs $100,000 in expenses. Improvement ideas will generate $50,000 annual income. Determine the after-tax cash flow for years 0 to 5, assumin..
Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama. This is an example of foreign______ investment in the United States.
Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two goods, X and Y. The consumer has I=$60 to spend on the two goods, and good Y costs py=$2 per unit. The price of good x, px, is also exogenous..
According to the rational choice model, cash grants are preferred to food stamps because
Explain how Veblen dichotomizes Business Enterprise into Business and Industry and how this dichotomy explains the conduct of Business Enterprise in a modern industrial economy.
A plastics company is considering two injection molding processes. Process X will have a first cost of $600,000, annual costs of $200,000, and a salvage value of $100,000 after 5 years. Process Y will have a first cost of $800,000, annual costs of $1..
Unlike the traditional mortgage amortization schedule, "negative-amortization" mortgages permit the:
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