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Suppose the local crawfish market is perfectly competitive, with the following market demand and supply: Market Demand: QD = 6500 – 100P Market Supply: QS = 1200P, where market quantity demanded (QD) and market quantity supplied (QS) are measured in pounds and price (P) is measured in dollars per pound. Assuming all firms have identical costs, suppose the typical firm in the market has the following short-run total cost (TC) and marginal cost (MC), with q being the quantity produced by the firm: Total Cost: TC=722+q^2/200 Marginal Cost: MC=2q/200
A. What is the price at which a firm is indifferent between producing in the short-run and shutting down production?
B. Determine the market equilibrium price and quantity of crawfish, the output supplied by each firm, and the profit of each firm. How many firms must currently be in this market?
C. Based on your answer to B, would you expect to see entry or exit in the long-run? How would this impact the price of crawfish over time, ceteris paribus?
Ann’s preferences are represented by a utility function UA(x). Suppose one were to (coloquially) say that Carol has more “sensitive preferences” than Ann: her utility function UC (x) satisfies UC (x) = 2UA(x). Prove that for every choice set, Ann and..
Which of the following sentences contains an incorrect use of an adjective or adverb?
In the United States, the Federal Reserve frequently engages in buying and selling of the government securities as well as other policies. In recent years, the Fed has reduced the Discount Rate several times. The Fed has also purchased substantial am..
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A firm's marginal revenue is $133 and its marginal cost is #90 illustrate what amount of profit does the firm fail to pick up by refusing to incease output by one unit.
The real wage
A man went to his bank and borrowed $750. He agreed to repay the sum at the end of three years, together with the interest at 12% per year, compounded annually. How much will he owe the bank at the end of three years?
The Fed wants to increase the money supply (which is currently 4,000) by 200. The money multiplier is 3. For each 1 percentage point the discount rate falls, banks borrow an additional 20. Explain how the Fed can achieve its goals using the following..
Which of the following is true regarding a constant cost firm?
Calculate a function M(α), which shows the maximized value of f that can be achieved, given any real number α. Is this function continuous? Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two g..
q1. the ceo of a major automaker overheard one of its division managers make the following statement regarding the
Using the tools of supply and demand and the competitive market, demonstrate graphically and explain the difference between a "gas crisis," in which prices are rising, and a "gas shortage."
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