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Evaluate the following statement:
In the short run, information about perfectly competitive firm's fixed costs are needed to determine both, the profit maximizing level of output and the amount of profit earned when producing that level of output.
The monopolist from the previous problem now faces a specific tax of 20, τ = 20. What are the optimal quantity and price given the tax? Calculate the welfare loss from the tax.
Utilizing the preceding write equations for total cost, average cost, and average variable cost.
If there were only one seller, illustrate what would be the equilibrium price and quantity.
You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firms’ products are viewed as identical by most consumers. The relevant cost functions are C(Qi) = 4Qi, and the inverse market demand curve for this ..
Show graphically and explain how a permanent beneficial supply shock affects both short and long-run levels of output and inflation in the economy. (Answers without graphs are useless)
q.listing different orderings and coalitions is not going to work for this problem because there are too many
Given an annual annuity of $30 for years 1 through 3 and a deferred annual annuity of $100 for years 4 through 7 and an interest of 10%/year, what is the present worth? Provide your cash flow diagram.
What happens in a perfectly competitive industry when economic profit is greater than zero?
In The General Theory of Employment, Interest, and Money, John Maynard Keynes wrote: If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish..
Suppose Canada has 100 workers and 160 units of capital whereas Mexico has 100 workers and 70 units of capital. Apply the definitions of factor abundance and factor intensity to sort countries and products. What would you expect the pattern of trade ..
Consider a rancher-farmer economy. Assume that the rancher has no choice over how many cows to raise but either the farmer or the rancher (or both) can build a fence to eliminate the crop damage of $150. However, the costs of installing the fence are..
Laptops have also become easier also cheaper to produce as latest technology has come online.
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