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The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost $50 per day, and each additional laborer can produce 200 more units per day (i.e., marginal product is constant and equal to 200). Installation of the first textile machine on the assembly line will increase output by 1,800 units daily. Currently the firm assembles 5,400 units per day. The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
Why might the existing firms in a cartelized industry prefer to be regulated by the government? What is the problem with common property resources?
A monopolist faces demand curve p = 11-Q , where Q is measured in thousands of units. Compute the firm's degree of monopoly power using the Lerner index?
How much will this consumer be willing to pay for the product if the firm offering the reliable product includes warranty that will protect the consumer? Explain.
An entrepreneur plans to convert a building she owns into a video-game arcade. Her main decision is how many games to purchase for the arcade.
What is the profit-maximizing price for this firm? On the graph show the area, which area represents the net loss to society resulting from the monopoly power conferred by the patent?
Make a short paper which relates how specific material from economic course where we cover supply and demand, elasticity and etc.
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
What is the net effect on the money supply in the economy? Show your work. Assume instead that Sammy uses the $10,000 he receives to pay back a loan from Bad Boys Bank. $8,000 goes to repay the loan itself, and $2,000 represents his Interest payme..
Is this a good model for unemployment? What would you add to study the problem more completely? What assumption does this model make regarding unemployment
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
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