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The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given byP = 800 - 20 WWhere W represents the number of widgets sold per period.The total cost function (including opportunity or implicit costs) for Widget Corp. isTC = 300 + 500 W + 10 W2What happens to consumer surplus? What happens t o the economic profits earned by Widget Corp.?
Given the following Demand and Supply functions answer questions a thru d. Qd=120-2P+5I Qs=-10+4P-3W where P=$3 is the price of the good. I=$100 per capital consumer income W= $50 wage rate a. Derive the demand and supply curves (qd and qs).
A principal hires an agent to run a business for one year. The agent can exert high effort or low effort. High e ffort lowers the agent's utility by 10,000. Low effort is costless. If the agent exerts high effort, the business makes a profi t of $..
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The following production possibilities schedules describe in their potential output in tons per years. Do not graph or illustrate - only provide numerica..
suppose that the interest rate on a one year bond is 7 percent today and the interest rates expected on one year bonds in the future are 6 percents in one year, 5 percent in 2-year , and 4 percent in three years bond. what are interest rate today ..
Assume that the cost of purchasing an exhaust filter for a certain factory is $6,000 and the filter needs to be replaced every three years. If the estimated benefit to society from the use of the filter is $3,000 for the first year and $1,900 for ..
A pharmaceutical firm is marketing a patented drug it has developed (the firm therefore has monopoly rights over the drug). The demand for the drug is given by Q = 8000 8P (MR(Q) = 1000 Q 4 ), where P is the price of the drug (in cents)
His first year's salary is $52,000, and he expects the salary to grow 4% each year. How much will be in his account after he makes the last deposit? What uniform amount can he withdraw from the account for 25 years beginning one year after his las..
Suppose that the price of hamburgers is $1 per hamburger and the price of steak is $8 per steak. Moreover, suppose that Corey can spend $100 per month on these two foods. Sketch Corey's budget line for hamburgers and steak given this budget.
A Honda Accord sells for $28,000 in the United States and for SF35,520 in Switzerland. Given an exchange rate of SF1.25 = $1, how do the car prices of both countries compare
Use of the equipment will require an increase in your company's net working capital of $4,000, but this $4,000 will be recovered at the end of year three. The use of the equipment will have no effect on revenues, but it is expected to save the fir..
Assume Wilbur's utility function is U=(x1)*(x2)*(x3). Further assume that the law dictates that Wilbur consume two units of X1 for every unit of X2. Determine Wilbur's demand function for good 1. Explain, in words, all the steps in your deriv..
The first payment is due one year from today. The government plans to invest the funds until the final payment is collected and then donate the entire amount, including investment earnings, to a national health center.
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