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Lawn-Cutting Equilibrium. Consider the market for cutting lawns. Each firm has a fixed daily cost of $18 for equipment, and the marginal cost of cutting a lawn is $4. Suppose each firm can cut up to three lawns per day. The market demand curve for lawn cuts is linear, with a vertical intercept of $70 and a slope of $1 per lawn.
a. If each firm in the market cuts three lawns, what is the average cost per lawn?
b. What is the equilibrium price under monopolistic competition?
c. How many lawns will be cut in total, and how many firms will be in the market
Which of the following is true about the winner's curse?
what would an LM curve look like in a Quantity Theory world where velocity is fixed and is not impacted by interest rates (that is, M=kPY) what do you think would drive interest rates in such an environment
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..
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout g..
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real output increase.
Describe, compare, and apply the ethical theories and perspectives to the topics. Explain how the theories and perspectives would analyze the issue. What are the ethical issues?
assume that nominal income is 35000 and the price index is 1.20 in year 1. in year 2 nominal income rises to 38000 and
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production-possibilities schedules in the table below describe their potential output in tons per year. (a) What is the opportunity cost of pearls on..
design two packages for the second-degree price discrimination case so that the first package has quantity 8 for the high demand and the second one has quantity 6 for the lower demand such that the low demand group has consumer surplus at least $5..
At what price does a cigarette pack sell at each stage in the distribution network In other words, what is the selling price for the retailer, the wholesaler, and smokey smokey - the manufacturer
Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.
An investor bought 100 shares of stock at a cost of $10 per share. He held the stock for 15 years and then sold it for a total of $4000. For the first 3 years, he received no dividends.
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