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Suppose the market for lemonade is a competitive market. The prevailing market price is $10. A typical seller in the market has a cost function of: C = q3 - 6q2 + l0q + 100
a. Find its profit-maximizing output level. Calculate her profit.
b. What is the lowest price a typical seller is willing to accept in the short run? Explain with calculation.
c. Given the result in (a), what will happen to the market price in the long run? Explain briefly in words.
If county government offices required that all employees must live within the county limits, what impact would this have on the elasticity of demand for employees of the county government offices?
I think people would agree that the one most ubiquitous tool for welfare measurement in the economic literature and in economic education is the notion of total surplus. Throughout it's history, total surplus has been criticized several times and on ..
In mid 1990s, Japan's annual money supply growth rate fell to 1-2 percent from an average annual rate of 10-11 percent in late 1980s. illustrate what effect this decline had on.
You are the manager of a monopoly and your demand and cost functions are given by P = 300 – 3Q and C(Q) = 1,500 + 2Q2, respectively. Furthermore, MR = 300 – 6Q and MC = 4Q. What price-quantity combination maximizes your firm’s profits?
Define the Social Planner Problem. Solve the Social Planner Problem. This is, find the Euler equation in terms of exogenous variables and the only endogenous variable k2. Define the tax distorted competitive equilibrium of this economy. Solve the rep..
The marginal factor cost curve for a monophony: The marginal factor cost curve for a monopsony: Which of the following Lorenz curves is closest to the diagonal line?
Illustrate what role did the policies of various governments play in the influencing the international expansion strategies of both McDonald's and Wal-Mart.
what is the average product of capital and labor? what is the cost minimization choice of capital and labor if the firm decides to produce 144 units of output?
Amacon is a bicycle manufacturer that produces approximately 5,000 bikes each month. In order to meet that demand, Amacon needs 10,000 rubber tires at its assembly plant on the last Thursday of each month. Please explain the answers to the followi..
Some of the largest import tariffs tax on imported goods is on shoes. Strangely, the cheaper the shoes, the higher the tariff.
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
Have a lower value of a flight than business travellers. What pricing strategy options are available to the airline? In addition, what relationship between the two markets limits the airlines ability to raise price.
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