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Assume that you are the manager of a perfectly competitive firm. The market price of the output is $60. Your firm's total cost function is Q^2+12Q+60.
a) How many units should your firm produce in the short run?
b) What will the profit/loss of your firm be in the short run?
c) What will change in the transition to the long run in terms of the number of firms in the industry? Limit your answer to one sentence
d) How will the market price in the long run compare to the short-tun market price? Limit your answer to one sentence.
e) What will happen to your firm's profits in the long run? Limit your answer to one sentence.
Some people are saying which majority of the budget deficit are funds which some branches of the government owe to other branches.
What do the monopolistic firms and the Trans Pacific Partnership (tpp) have in common and how the monopolistic firm will be effective. Will the profit increase or decrease.
Woodland Instruments, Inc. operates in the highly competitive electronics industry. Prices for its RD – D2 control switches are stable at $100 each. Engineering estimates that total costs for each RD – D2 control switch are: TC = $500,000 + $25Q + $0..
Assume a firm produces 500 units of a good by using two inputs, capital and labor, whose per unit prices are $10 and $4. Assume also that the marginal physical product of the last unit of capital is 30 and the marginal physical product of the last un..
Republicans asserted that many of president obama's fiscal stimulus spending was " wasteful and ineffective." Does the content of fiscal stimulus spending matter?
How can large companies afford to lower the price of goods in a competitive market? A company’s ability to raise its price without losing its entire market is an example of market power. One of the most important of these is economies of scale. How d..
Assume that a country’s real growth is 2 percent per year, while its real deficit is rising 5 percent a year. Can the country continue to afford such deficits indefinitely? What problems might it face in the future?
Suppose a particular labour market were in market-clearing equilibrium. What could happen to cause equilibrium wage to fall. If all money wages rose with inflation each year, how would real wages in this market adjust.
Classify this production function by returns to scale. Comput the firms long-run cost function.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 40 - 0.5P, and the marginal cost of production is $50. Determine the optimal number of units to put in a..
If Latanya plans to use the phone for one hour to talk with only one person, with whom would she rather speak.
Find the effective interest rate per quarter at a nominal rate of 8% compounded (a) quarterly, (b) monthly, (c) weekly, (d) daily, and (e) continuously?
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