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Lilly is at Times Square in New York selling watches. she is one of over 100 watch suppliers in central Manattan, and there are naturally many potential buyers that stroll downtown every day, Furthermore, for the average person, Lilly watches are not distinguishable from her competitors. Given her newly found skill on estimating demand and cost functions, she estimates that his daily inverse demand and cost functions are: p=25-q tc=40+2.5q^2 a. using this information, tell me what lilly profits in the short run should be if she is a profit- maximizing person. b. suppose that lilly makes a discovery in the catskills of a hidden cave, which house magical watches, further, assume she lay claim to this parcel of the land thus claims exclusive owership of this unquie resource. lastly, because of an inheritance, she can now grossly out- advertise all of her competitors in central Manhattan while simultaneously building a watch stand made of gold. calculate Lilly's new profits and explain why she is likely to enjoy excess profits going forward,
Which of the following is not a necessary precondition for economic growth?
Summarize in words the predictions and limitations of the theoretical framework developed for the first exam: that is the predictions for the effect of capital accumulation.
An alternative requires $30203 to be paid over the course of year 1, $75000 over year 2, and $40000 over year 3. All values are in constant dollars. Using the tables in the chapter, compute the NPV of this alternative.
Assume that velocity of money is 5, nominal GDP is $1,350,000 and cost level is 3. Estimate all possible unknowns in XYZ's economy, if its federal reserve buys $9,000.00 in government bonds.
Suppose a firm has a short-run cost equation of C(q) = 0.3q3 – 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 – 30q + 200, if the firm produces 25 units of output:
Elucidate the reason Explain why a competitive firm should stop producing immediately if the price is lower than the average variable cost.
Explain how "history" affects ability of firms in this game to achieve an outcome superior to that of one-shot version of game.
Imagine you are seeking information on a new car that you are thinking of buying. Determine the level of trust that you would place in information provided by the following: a salesman at the car lot, the dealer’s Website, social media (i.e. Facebook..
Victor needs a new high voltage generator for his research. He would like to have the money saved for it by the end of 7 years. He estimates it will cost $13499. If the bank pays a nominal annual rate of 6% compounded monthly, how much should Victor ..
Suppose that your employer offered you $4,000 in cash instead of health insurance coverage. Health insurance is excluded from state income taxes and federal income taxes. How different would this calculation look for a worker who earned $500,000 and ..
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
Suppose that the inverse demand curve is: p(q) = a − bq, and the cost function is: c(q) = cq. (a) Draw a graph showing the demand curve and marginal cost curve, with dollars on the y-axis and quantity on the x-axis. How much consumer surplus is gener..
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