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The average avoidable cost for a fringe firm is AAC(q)=20/q+5q. The marginal cost function for a fringe firm is MC=10q. There are 10 fringe firms . The marginal cost of the dominant firm is 2 and the demand function ia Q= 100-p a) what is the supply function of the fringe b) what is the residual demand function for the dominand firm? c) what is the profit maximising price of dominans firm d) compare monopoly profits to the profit of the dominans firm. Which market structure is socially preferable, dominant firm or monopoly ?why?
On January 1st, 2003 company A has $10 million worth of widgets in inventory. During the year, company A produces $30 million worth of widgets and sells $32 million worth. How has company A impacted GDP in 2003
Explain why do think the European Union countries decide to have a single central bank and a single currency, instead of just agreeing to maintain fixed exchange rates among their currencies.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
What happens to the quantity of net exports? NX INCREASES. What happens to the value of dollars in the market for foreign currency exchange?
1. Explain Opportunity Cost and provide an example. 2. What is the difference between absolute advantage and comparative advantage? What is the benefit of trade? 3. Provide a brief description of supply and demand. How is equilibrium used to determin..
How would the four basic markets of the macro model (Aggregate Demand and Supply, Long Run Supply, Labor, Credit or Money, Capital change) change in response to the catastrophe in japan. Most importantly, how would the lines and curves in each mar..
An economy is inlong-run macroeconomic equilibrium when each of the followingaggregate demand shocks occurs. What kind of gap-inflationaryor recessionary-will the economy face after the shock
They buy golf balls, clubs, and tees. In 2010, they bought 2,000 golf balls for $3.00 each, 200 clubs for $80.00 each, and 1,000 tees for $0.10 each. In 2011, they bought 2,100 golf balls for $3.50 each, 250 clubs for $90.00 each, and 1,500 tees f..
Suppose two countries E and F use many inputs. Country E exports tractors and imports televisions. Assuming there are no economies of scale, which of the following statements is true? a) If the countries did not trade, then E would have a lower op..
In economic theory, a moral hazard is a situation where a party will have a tendency to take risks because the costs that could result will not be felt by the party taking the risk.
Summarize project communications in a project from your experience. What tools and processes were implemented to promote communications? Why were the tools/processes successful or unsuccessful?
The assets of the business raised £52,500, out of which £4,204 was paid in fees during the process of bankruptcy. (a) Calculate the ratio of assets, before fees, to liabilities, in its simplest terms
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