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The typical firm in a perfectly competitive market manufacturing an appliance part has long-run total cost of TC = 6q2 + 2400 and marginal cost of MC = 12q, where q is the quantity produced per firm per year and costs are measured in dollars. Market demand is given by Q = 50,000 - 100P, where Q is market quantity sold per year.
a. What is the minimum efficient scale in this industry? Explain your answer and illustrate with a graph.
b. What is the long-run equilibrium price in this market? Explain intuitively, in your own words, why this is the long-run equilibrium. What is the long-run market equilibrium quantity? (No graph is required.)
What are the variables (the items measured on the axes) in a graph of the a) consumption shedule and b) the saving schedule Are the variables inversely (negatively) related or are they directly (positively) related
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Address the following questions. Remember to cite any sources used, including the textbook (APA format is not required, but it is recommended). Choose a product and supplier from whom you would import the product.
Assume that the demand and supply curves for broccoli in the United States market are given by:
In the floating rate model, a change in the exchange rate is supposed to adjust NX(net exports), until the economy reaches an equilibrium state. However, evidence shows that the exchange rate adjustment process takes years.
Do you exhibit economies of scale, diseconomies of scale, or neither? Explain
what level of output are your average variable costs minimized and at what level of output are your average total costs minimized?
Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon.
Why do you think the FED evaluates the money multiplier when making decisions with regard to the money supply What function does the money supply serve in our economy to influence certain economic variables
Suppose that the government increases taxes and government purchases by equal amounts. What happens to the interest rate and investment in response to this balanced-budget change Does your answer depend on the marginal propensity to consume
Describe the welfare costs of a monopoly and discuss the regulator organizations that monitor anti-trust in America. Name these organizations and their functions.
Assume that we have Ricardian equivalence. This implies that consumption depends on expected life- time incomes and that individuals understand the government's intertemporal budget restriction.
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