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Each firm in a competitive industry has an identical cost structure wherein long-run average costs are minimized at q=20. The minimum average cost is $10/unit. Suppose the market demand is given by Q=1500-50P. What is the long-run equilibrium price, total industry output, the output of each firm, the number of firms, and the profits of each firm?
As a natural experiment to estimate the effect of education on receivings, a researcher compares schooling and educational attainment of two groups of people.
Inverse demand function is P = 10-2Q (in millions) Firm 1 has a marginal cost of $2 and Firm 2 has a marginal cost of $6. Current market price is $8 - each firm has 50 percent of the market and each firm has to pay one year's rent of $1 million.
Chez Henri is a restaurant chain that operates in 40 different cities. It hired an economist to estimate the factors affecting the demand for its sales. The following equation was estimated using cross sectional data from each of its 40 restaurant..
The manager of a firm estimates that the sales of her firm are related to radio and newspaper advertising in the following way: S = 12,000 + 1,800AR, where S = the number of units sold, A = the number of quarter-page newspaper advertisements, and ..
Use the data above to graph the aggregate demand and aggregate supply curves. What is the equilibrium price level and the equilibrium level of real output in this hypothetical economy Is the equilibrium real output also necessarily the full-employ..
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: P= 12 - 2 qd MR= 12-4qd MC= 2 q a) What price will the firm charge its customers b) Will the firm earn positive economic profits
One of your professors has made you an offer you can't refuse. You are getting a four year research assistantship to earn your PhD after you receive your BS degree. The assistantship will pay you $2,600 per month starting in June, immediately afte..
Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers during period t. You are also given the following information about the regre..
In the United States, the capital share of GDP is 30%, output growth is 3%, the depreciation rate is 4% and the capital output ratio (K/Y) is 2.5. Assume the US economy is described by a Cobb-Douglas production function.
A project will cost $50,000. The benefits at the end of the first year are estimated to be $10,000, increasing at a 10% uniform rate in subsequent years. Using an 8-year analysis period and a 10% interest rate, compute the benefit-cost ratio.
In a country, output is produced with labor and physical capital. The production function in per-worker terms is y=k^1/2. The depreciation rate is 2%. The investment rate (&) is determined as follows: &=0.2 if y
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%. If the bank pays ..
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