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A firm is a purely competitive industry is currently producing 1000 units per day as a total cost of $600. If the firm produces 1200 units per day its total cost is $600. If the firm produces 1000 units per day its total cost would be $400. and if it produces 700 units per day its total cost would be $375. If every firm in this industry has the same cost structure, is the industry in the long run competitive equilibrium?
You have just received a proposal from the marketing department that your firm's advertising budget should be increased by 20% from its current level of $250,000. The marketing department feels the proposed increase will stimulate sales and enhanc..
when I was talking about insurance, when I ask about the maximum this person would pay to buy insurance I said that it would be the risk premium: $4823.1 - Then I derived the utility in this case, with certainty this person has wealth $100,000 + $..
A geometrically increasing series of 20 end of year payments is deposited to fund an account. The first payment is $20,000, the geometric factor is 4%. The account is used for retirement purposes and will produce 30 consecutive annual payments of ..
Ellen purchased a used car for $10, 000. She wrote a check $2,000 as a down payment for the car and financed the $8,000 balance. The annual percentage rate (APR) is 9% compounded monthly, and the loan is to be repaid in equal monthly installments.
Will you change your preferred mode of transportation if your wage rate rises to $20 per hour. Assume you work five days a week and time spent riding on a bus or driving a car does not directly enter your utility.
Your firm designs training materials for computer training classes, and you have just received a request to bid on a contract to produce a complete set of training manuals for an 8-session class. From previous experience, you know that your firm f..
Jenny is an engineer for a municipal power plant. The plant uses natural gas, which is currently provided from an existing pipeline at an annual cost of $10000 per year. Jenny is considering a project to construct a new pipeline.
Suppose a competitive firm can sell its output for $9 per unit. The following table gives the firm's short run production function. Labor Output 0 0 1 8 2 20 3 35 4 44 5 51 6 54 In the table below, you will determine several points on the firm's d..
Assume that when you graduate you will owe a total of $29,500 in student loans. Assume that the interest rate is 7.5%, compounded monthly, and that the entire amount must be repaid within 10 years. Determine what your minimum monthly payment will ..
There are 80 firms in the industry. The cost function of individual firm is T = 100 + 4q + 4q2. Demand function is Q = 1040 - 10P. Find the equilibrium price and quantity for the short-run. How many firms will exist in this industry in the long ru..
The generalized demand function for good A is: Qd = 600 - 4PA - 0.03M - 12PB + 15F + 6Pe + 1.5N where Qd = quantity demanded of good A each month, PA = price of good A, M = average household income, PB = price of related good B, F = consumer taste..
a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market b. If the actual price in this market were ABOVE equilibrium price, what would drive the price toward the equilibrium
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