Suppose the inverse demand for coal is estimated

Assignment Help Business Economics
Reference no: EM13998613

Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, whereP is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q.

1. Graph inverse demand and inverse supply. Calculate and show graphically the price and quantity of coal in a competitive equilibrium in which producers do not consider the future impacts of their actions (i.e., the marginal user cost is external). Also graph the equilibrium values of:

(i) MWTA by producers

(ii) MC of production

(ii) WTA by producers

(iii) Total variable costs (TVC)

(iv) Total revenue

(v) PS (what kind of rent is this?)

(vi) CS

Reference no: EM13998613

Questions Cloud

The current market rate for rental housing : The current market rate for rental housing in your town is $600 per month. Suppose that college students persuaded the town council to enact a law setting the maximum price for rentals at $400 per month. How would this affect the rental market in you..
Think the behavior of a doctor : In what ways do you think the behavior of a doctor in Great Britain working for a government owned hospital would differ from comparable doctors in a not-for-profit hospital in the US?
Translated using monetary unit : What should you do with the outcomes that are not economic and may not be translated using monetary unit? (The answer can be more than one choice) Quantify the expected future results. Change the viewpoint of the problem.
Calculate and enter the average products of labor : A firm has the following relationship between the number of employees it has (E) and its daily output: Employees (E) output APE MPL VMPE 0 0 1 50 2 60 3 68 4 74 5 78 6 80 In the table above, calculate and enter the average products of labor (APE).
Suppose the inverse demand for coal is estimated : Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, whereP is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q. Graph inverse demand and inverse supply. Calculate and show graphically the pri..
Precautions applicable to installing replacement mufflers : Kent is retained by Mighty Manufacturing, Inc. to perform welding. He was specially trained in safety precautions applicable to installing replacement mufflers on automobiles including a rule against installing a muffler on any auto that had heavily ..
What is the purchase price before interest : We know a car can be had for 60 monthly payments of $399. The dealer has set us a nominal interest rate of 4.5% compounded daily. What is the purchase price before interest?
Calculate number of unemployed and the unemployment rate : An economy has 100 people divided among the following groups: 25 have full-time jobs, 20 part-time jobs, 5 has two part-time jobs, 10 is looking for jobs, 10 are discourage workers who has given up looking for jobs, 10 run their own businesses, 10 ar..
Relationship between productivity and standard of living : Which of the following best describes the relationship between productivity and standard of living?

Reviews

Write a Review

Business Economics Questions & Answers

  Under the responsibility scheme proposed

Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view? Explain your answer with a diagram. Is it fair to charge all househ..

  Overall-combined profit given the elasticity range

A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by national chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. From the pharmacist..

  Q1 in recent years the value of the dollar had declined

q1. in recent years the value of the dollar had declined relative to the euro. what does that mean for european

  Competition tends to dissipate rents-to drive

What is the best practices frontier? How does this relate to competitive advantage? Explain why rent seeking competition tends to dissipate rents-to drive them down so that there are no abnormal rents?

  Does this third party payment apply to other issues

Why is the cost of health care so high in the U.S. and the U.S. does not have the best system. If a person has co-pay health insurance what does he/she base his/her purchase decision on, the real price or what actually comes from his/her pocket? Does..

  How might rights of the potential juror and the plaintiff

In jury selection, one cannot exclude potential jurors on the basis of race or other discriminatory criteria. One question is if this prohibition against discrimination should extend to potential jurors that have physical or mental disabilities. How ..

  Difference in the payoffs to productive characteristics

Where W is the hourly wage for men and females, EDUC is years of education, EXP is total years of experience, and TEN is tenure with ones current employer. What fraction of the gender wage gap is explained by differences in the production characteris..

  Elucidate how and why the unemployment rate fluctuates

Elucidate how and why the unemployment rate fluctuates with the inflation rate as is depicted in the Short-Run Phillips Curve.

  Illustrate what is yolanda total fixed cost

Yolanda runs a bulldog farm and when she employed one person, she produced 1,000 bullfrogs a week. Construct Yolanda's total variable cost and total cost schedules. Illustrate what is Yolanda's total fixed cost.

  What can a manager do to overcome this problem

When a worker announces that she plans to quit, say next month, the threat of being fired is generally not credible. The worker may find it in her interest to shirk. What can a manager do to overcome this problem?

  What pricing strategy will yield the greatest revenue

A manufacturer of microwaves has discovered that male shoppers have little value for microwaves and attribute almost no extra value to an auto-defrost feature. Female shoppers generally value microwaves more than men and attribute greater value to th..

  What does the high degree of effective control of the world

What does the high degree of effective control of the world economy by 'the corporate tribe,' along with the extreme concentration of personal wealth in the United States in the hands of the same individuals.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd