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The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for this output is $40 per unit. If it produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $8 per unit.
a) What is this producer's profit-maximizing (loss-minimizing) output level?
b) What are the firm's economic profits (or economic losses)?
Suppose a firm is operating in perfectly competitive product market where the price of its output can be sold at the price p=$10. The firm can hire any number of workers at the wage of W=$50.
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
What are some things that would affect changes in supply? How can quantity demanded be changed and what if the government raised the minimum wage. How would this policy effect your firm?
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if North Carolina Textiles is one of 1,000 competitors. Calculate market supply per day at a market price of $47 per unit.
Price elasticity of demand, Income elasticity of demand and Cross elasticity of demand of toyota corolla car.
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
Price fixing is a per se violation of Clayton Antitrust Act. From the materials in library and the Internet, find out an example of the price fixing case or other violations of U.S. antitrust law.
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
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