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The demand function for a firm’s product is Q = P^(-3). The firm’s marginal cost of production is constant at MC(Q) = 12.
(a) Calculate the elasticity of demand, as a function of Q.
(b) Does the firm’s profit maximization problem satisfy the global SOC?
(c) Using your answers to (a) and (b), what is the firm’s profit-maximizing markup? (Justify your answer carefully. Do not forget about the possibility of a boundary solution.)
(d) Based on your answer to (c), what is the firm’s profit-maximizing price?
(e) Based on your answer to (d), what is the firm’s profit-maximizing quantity?
The market for soda has supply and demand curves given by, What is the equilibrium price and quantity for sodas? Returning to question 1, suppose the government put a tax on soda of $0.50 per can to be paid by consumers. Graph the before and after ta..
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Invisible hand of market would optimally allocate exhaustible resources and prevent shortages because market prices of a resource such as oil reflect both its current value and its future value. Why might Hotel ling be right.
Disposable personal income equals personal income and two factors are the keys to determining labour productivity
A perfectly competitive market is described by the demand Q = 70 - 2p and the supply curve Q =5p - 20. A firm in the market has a total cost equation of C = 16+ Q^2 + 2Q. Calculate the equilibrium price in the market.
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
These three empirical observations are explained by ‘Preferred Habitat theory'. First, completely explain Preferred Habitat theory. Next, explain how this theory explains all three empirical observations.
Elucidate the dynamics through which an increase in the stock of money affects real output and the price level in the short run.
The local swimming pool charges nonmembers $10 per visit. If you join the pool, you can swim for $5 per visit, but you have to pay an annual fee of $F. Use an indifference curve diagram to find the value of F that would make it just worthwhile for yo..
A manufacture procedure using 2 inputs, labor as well as capital.
Illustrate what happens to output and the optimal scale of a firm, and price if there is a free entry into the market.
U.S. government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two diagrams, one for the milk market and one for the mea..
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