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Assume that there are a large number of identical firms in a competitive industry, each with the cost function:
TC = 25+4q+q2
a. What is the minimum price at which firms will continue operating in the short run? In the long run?
b. Assume that there are n firms in the industry. What is the short-run industrysupply function?
c. Industry (inverse) demand is given by P = 40-Q/5. If there are 20 firms in the industry, is the industry in long-run equilibrium? What is the market price?Calculate and graph (dont worry about graph) the profits of an individual firm (along with AC, AVC, and MC curves).
d. How many firms will serve the market in long-run equilibrium
Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.
Suppose that real GDP is $1,500 and potential GDP is $1,200, while the marginal propensity to consume is 0.8. If the government is going to engage in government spending and change taxes. If the government increases taxes by $20, how much will it ..
Solve Tracy's problem of how often to go to the ATM when the norminal interest rate on her bank account is 10%, she spends $30 each day, it costs her $0.50 each time she uses the ATM, and she thinks that there is a 15% chance that she will lose he..
Gasoline costs $0.95 per liter and will increase at 6% per year. At a fuel economy of 9km/liter, what is the present worth cost of fuel for five years of driving 30,000km per year Use 6.2% interest. What is the equivalent equal annual cost of the ..
Suppose the production manager is told to minimize the short-run total cost of producing Q units of output. While total output Q is exogenous, the manager can choose how much to produce at plant 1 (Q1) and at plant 2 (Q2), as long as Q1 + Q2 = Q.
Using a spreadsheet program or a calculator, solve Tracy's problem of how often to go to the ATM when the norminal interest rate on her bank account is 10%, she spends $30 each day, it costs her $0.50 each time she uses the ATM.
When it is 105 degrees outside and you get thirsty, how much you willing to pay for a 16-ounce bottle of water. If the price is $1.50 per bottle, do you have a consumer surplus or is there a producer surplus or both
Suppose that the government cuts net taxes by $10 billion. These are lump sum taxes. To keep its budget balanced at its current level, it also reduces its spending by $10 billion. Which summarizes the impact of the government's policy action on eq..
Digital, Inc., is a manufacturer and distributor of blank computer disks for residential use. Revenue and cost relations are: TR= $4,500Q - $0.1Q2 TC= $2,000,000 + $1,500Q + $0.5Q2 Where Q is the quantity produced and sold per week.
If the velocity of circulation is growing at one percent a year, the real interest rate is two percent a year, the nominal interest rate is seven percent a year, and the growth rate of real GDP is three percent a year
women and selected minorities are systematically excluded from high-paying occupations and crowded into low-paying occupations, decreasing their wages and reducing domestic output. B. employers having high discrimination coefficients will be crowde..
The New York Taxi Cab Company has just purchased a new fleet of models for the year 2000. Each brand-new cab cost $20,000. From past experience, the company estimates after-tax cash returns for each cab as: An = $65,800 - 30,250(1 + 0.15)^(n-1)
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