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The Electric Company is under review by a state regulatory commission. Relevant revenue and cost curves including a Afair rate of return agreed upon by both the firm and the commission are as follows: P=$85-$0.2Q (Demand) MR=∂TR/∂Q=$85 - $0.4Q (Marginal Revenue) TC =$900 +$20Q + $0.8 Q2 (Total Cost) MC= ∂TC/∂Q=$20 +$1.6Q (Marginal Cost) where P is price (in dollars), Q is output (in thousands of megawatt hours) and TC is total cost (in thousands of dollars). 1. If the firm were operating as a pure monopoly, what would be its optimal price/output solution and level of economic profits? 2. What price should be set if the commission wishes to eliminate economic profits?
Given the choice, a risk-averse person would be more willing to toss a coin twice and receive $1 each time tails comes up than to a coin once and receive $2 if tails come up.
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
you are hired by farmer vin a famous producer of bacon and ham to test the possibility that feeding pigs at night
Suppose Virginia withdrew $10,000 from her bank. If the reserve ratio is 2 percent theen this transaction willl lead to decreasing ____ in checking account balance.
What is an instrumental variable and Angrist and Krueger use quarter of birth as an instrument for education and explain why quarter of birth may affect education
Find the revenue earned by each bakery. From that revenue subtract the bakery's variable cost and compute the firm's short run economic profit.
in 1980 california instituted a new system for funding special education. among other things the system
describe the circumstances under which a firm chooses a low-cost strategy to attain sustainable competitive advantage.
suppose two entities are considering collusion - to make things legal consider a situation similar to opec except
Describe the short-run and long-run effects of an increase in the money supply on the equilibrium level of production and the price level.
What was the level of inflation during the time period relative to the history of inflation in the United States? What were the driving factors behind this trend?
The Conduct of Monetary Policy
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