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Individuals A and B are the only consumers of good X. Individual A demand for good X is given by: Q = 4 – P and individual B demand for good X is given by: Q = 8 – 2P. The supply for good X is given by MC = 3. Assume good X is a (pure) public good. Good X equilibrium quantity is _______. (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. Add a leading zero and trailing zeros when needed. Use a period for the decimal separator and a comma to separate groups of thousands. HINT: Sketch the Marshallian “cross” diagram of supply and demand to help you answer this question.) Show all steps.
Discuss an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
(Assume firms compete over quantity) Two identical firms are serving a market in which the inverse demand function is given by P = 4002Q (P = 4002(q1 +q2)). The marginal costs of each firm are $40 per unit. show and explain, how the Cournot quantitie..
Nantucket Hammocks, Inc., uses dealer incentives, discounts, and sales contests in order to encourage retailers to give special attention to selling its products. Nantucket Hammocks is using
A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results: U.S. LDC Sales (units) 100,505 19,600 Labor (hours) 19,550 14,550 Raw materials (currency) $20,500 FC 19,550 Capital equipment (hours)..
Calculate various measures of productivity and explain they mean. Explain in words what the marginal productivity of labor and average productivity of labor measures and why this is important information for the owner of a business. Why does marginal..
Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi's demand curve? Use the Midpoint Method to answer this problem.
The Wall Street Journal's experience after an increased its price to 75 cents. Illustrate what implicit assumptions are the publisher and the analyst making about the price elasticity.
Demand-pull inflation occurs when:
IS-LM-FX Model with Floating Exchange Rate... For each of the following situations use the IS-LM-FX model to illustrate, first, the effects of the temporary shock, and then the policy response. (Note: Assume the central bank responds by using monetar..
Assume that before the price of X2 fell, Fred had exchanged all of his inheritance of X1 and X2 for money, planning to use the money to finance his purchases later, explain how much of X1 & X2 will Fred consume after P2 fell to 1.
Discuss five non-bank financial intermediaries in the American economy,relate what each one does and how it gets money.
According to Michael Porter, what are the five competitive forces that create vital opportunities and threats for organizations? Which force do you feel is most important in the computer industry today? Why
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