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6. Consider once again the microchip market. Demand for microprocessors is given by P 35 5Q, where Q is the quantity of microchips ( in millions). The typical firm's total cost of producing a chip is Ci 5qi, where qi is the output of firm i. a. Suppose that one company acquires all the suppliers in the industry and thereby creates a monopoly. Illustrate what are the monopolist's profit-maximizing price and total output?
Suppose that, over the short run ( say, the next five years), demand for OPEC oil is given by Q 57.5 .5P or, equivalently, P 115 2Q. ( Here Q is measured in millions of barrels per day.) OPEC's marginal cost per barrel is $ 15. a. What is OPEC's optimal level of production? What is the prevailing price of oil at this level?
Elucidate how do the ratios Px*X/I also Py*Y/I change as income increases in this problem.
Kramer Smith owns a dry-cleaning service also is thinking about changing his advertising expenditures for the year.
If congress decides to reduce the tax paid per pack paid by sellers of cigarettes other things being equal the cost of cigarettes will fall.
Assume there is a simultaneous increase in government expenditure also reduction in the funds provide.
Which of the subsequent is always true after an economy reaches balanced growth equilibrium.
Elucidate what does this indicate concerning inflation expectations in Korea compared to the US.
Find the value of the test statistic (to 3 dec pl). Can we conclude that the proportions have changed during the year.
As she will be in a lower tax bracket. As her financial advisor, which option do you recommend.
They value campaign funding in terms of dollars spent. Therefore, after spending ci on a campaign.
Illustrate what is the most money you can make on this position. Elucidate how far can the stock price move in either direction before you lose money.
The unsold computer is carried on XYZ's books as an $800,000 increase in inventory.
Using the utility maximization rule as your point of reference elucidate the income also substitution effects of an increase in the price of a product with no change in the other product.
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