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Consider a monopolistically competitive -market with N firms. Each firm's business opportunities are described by the following equations: Demand: = - Marginal Revenue: = - 2 Total Cost: = 50 + Marginal Cost: = 2
a. How does N, the number of firms in the market, affect each firm's demand curve? Why?
b. How many units does each firm produce?
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?
On January 1, Frank Jensen bought a used car for $7200 and agreed to pay for it as follows: 1/3 down payment; the balance to be paid in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly.
Each month, an airline sells 1,500 business-class tickets from London to Paris at $200 a ticket, and 6,000 economy-class tickets at $80 a ticket. Use this information to construct the demand curves of business travelers and tourists respectively, ..
Consider the following total benefit (TB) and total cost (TC) functions and the corresponding marginal benefit (MB) and marginal cost (MC) functions: TB = 150 + 28 Q - 5 Q2 MB = 28 - 10 Q TC = 100 + 8 Q MC = 8 generally MNB = MB - MC. Derive the eq..
What deposit must be made each month until the man retires so that he can make annual withdraws of $40,000 in terms of today's dollars over the next 15 years following his retirement.
Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or a shortage Of how many u..
Determine the internal rate of return of the following cash flow Year cash flow 0 -100,000 1 10,000 2 12,000 3 13,000 4 14,000 5 15,000 6 16,000 7 17,000 8 18,000 9 19,000 10 20,000 11 21,000
A cupola for a foundry was purchased for $3000.$500 more was spent on its erection and commisioning.The estimated residual value after 10 yeras was $700. A)calculate annual rate of depriciation. B)Determine the amount of depriciation at the end of ..
If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum w..
A recent internal study revealed that this client's demand for your software is Q^d = 100 - 0.1P and that it would cost you $500 per unit to install and maintain software at this client's site. the profit that results from charging this client a si..
Derive the law of motion of capital per worker and draw the graph of the law of motion of capital per worker, and indicate the steady state.
a price change causes the quantity demanded of a good to decrease by 30percent , while the total revenue of that good increases by 15 percent . is the demand curve elastic or inelastic explain.
Industry A is composed of five large firms and 100 small firms. The market shares of the five largest firms are, respectively, 30, 25, 20, 15, and 10. The 100 small firms together have the remaining market share. Calculate the Herfindahl-Hirshman ..
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