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The typical firm in a perfectly competitive market manufacturing an appliance part has long-run total cost of TC = 6q2 + 2400 and marginal cost of MC = 12q, where q is the quantity produced per firm per year and costs are measured in dollars. Market demand is given by Q = 50,000 - 100P, where Q is market quantity sold per year.
a. What is the minimum efficient scale in this industry? Explain your answer and illustrate with a graph.
b. What is the long-run equilibrium price in this market? Explain intuitively, in your own words, why this is the long-run equilibrium. What is the long-run market equilibrium quantity? (No graph is required.)
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Compare the work and formulas for computation of Expected Value, Absolute Risk Measurement, and Relative Risk for both projects.
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
Suppose you are an Executive Chef at a private hotel on the beach in Florida, with sixty rooms; a banquet facility serving up to 175; a coffee bar in lounge, which also provide complimentary cold breakfast;
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
Suppose you manage an agency that provides Meals on Wheels to infirm elderly residents in the county. The agency operates three kitchens. Each kitchen is producing one-third of the total meals every day.
Choose a United States firm with global operations. Discuss the company's activities outside the United States
Describe the major characteristics of monopolistic competition and oligopoly.
Discuss how inflation affects the rate of return required on the investment project, and the distinction between a real and a nominal (or‘money terms') approach to the evaluation of the investment project under inflation.
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