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Suppose you are given the following information about a particular industry: QD = 6500−100P is Market demand QS =1200P is Market supply C(q) = 722+(q2)/200 is the Firm's total cost function. Suppose the long run total cost function is given by C(Q)=6q-3q^2+q^3. What will the price be in long run equilibrium long run equilibrium in this industry? Is profit positive, negative, or zero? Explain. (note I think the wording of some the problem is an error)
Welfare recipients would rather receive cash benefits than in-kind benefits, (medical care, housing assistance, food stamps), but much of the welfare system provides in-kind benefits. Is there a reason for not giving recipients their welfare benefits..
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. When the price is P=$3.50 what is the quantity supplied by Mexician producers, Qs and what ..
The local Audubon Society has just put a new bird feeder in the park at a cost of $500. The feeder has a useful life of 5 years and an annual maintenance cost of $50. Fred, was very impressed with the project. He wants to establish a fund that will m..
A few years ago, a construction manager earning $70,000 per year working for a regional home builder decided to open his own home building company. He took $100,000 out of one of his investment accounts that had been earning around 6% a year
Illustrate what are the factors that determine the demand for and provide of money.
There has been extensive discussion of the "wealth effect." The argument goes that inflated stock values were partially responsible for the strong U.S. economy of the 1990's. Explain this linkage in words and then illustrate with an Aggregate Dema..
You do not incur any cost to produce goods you sell and thus your profit equals selling price if you make a sell. Or three sellers do not have any costs either.
Assume that the demand for oil is D (P, δ) = δ-where the variable δ is an exogenous demand shifter. The short run supply of oil is S(P) = (P-3)/2. The baseline case is δ=6. Assume that this is a free entry market. Calculate the long run equilibrium p..
Consider a homogeneous good market with the following market demand curve: Q = 8 − p, 0 ≤ p ≤ 8 = 0, p > 8. Two firms produce output at constant marginal cost which may be different. Derive the Nash equilibrium outcome and the profits of the two firm..
Suppose the Fed doubles the growth rate of the quantity of money in the economy. In the long run, the increase in money growth will change which of the following?
If “the” multiplier is 6, the income multiplier with respect to the money supply is 4, and the money multiplier is 5, then which of the following policies increase income by $50 billion dollars?
LED light bulbs use only 20 to 25 percent of the energy used by traditional incandescent bulbs. Even if all consumers replace their old bulbs by the LED bulbs, do we expect that the arrival of LED light bulbs will decrease energy consumption for ligh..
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