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Consider the market demand curve for appliances: P = 3,200-(1/4)Q. There are no fixed production costs, and the marginal cost of each appliance is MC = $400.
(a) Determine the output that will be produced in a ‘perfectly competitive' market structure where no profits accrue in equilibrium.
(b) If this market is supplied by a monopolist what is the profit maximizing output?
(c) What will be the total output produced in the Cournot duopoly game? [Hint: you can either derive the reaction functions and solve them, or use the formula from Section 10.6 of the chapter.]
According to the News on page 677, what percentage of retail jobs would be lost if the minimum wage were increased to $9.50 Obama Wants $9.50 Minimum Wage (Crains)- When Barack Obama and his fellow Democrats take power in Washington.
Tina hires Jeff to do odd jobs around her home and agrees to pay him $5 per hour. Tina further agrees to guarantee Jeff at least 40 hours of work per week, and to pay him 1.5 times his base pay for any hours worked beyond 40. If Jeff works 45 hour..
Suppose you currently run one shift at your plant. You have $1,000 per day in administrative overhead and the daily wages and materials cost of operating the shift are $30,000. If you expand to two shifts, your average cost per-shift.
Revenue from sales of a training video for the first year are estimated to be $350,000. In addition, revenue is expected to decrease by $25,000 per year over the life of the video (which is 10 years).
Andre walks Julia's dog once a day for $50 per week. Julia values this service at $60 per week, while the op-portunity cost of Andre's time is $30 per week. The government places a tax of $35 per week on dog walkers. After the tax, what is the los..
Suppose now thatbefore making this product, the firm has to pay fixed costs of research anddevelopment equal to $3,000,000. How large does N need to be before theprofit-maximizing firm chooses to pay the fixed cost
Household spending is given by the following equation: C = $100 + 0.70Yd and Intended Investment = $125. (a) Calculate the equilibrium level of income in the economy, and explain why this is the case.
what is central planning? Can central planning work? In the theory central planning is equivalent to markets but in practice it can not possibly work? What is meant by taut planning it can fully explain the problems of poor firm performance encoun..
Penelope wants to buy a car that is worth $43,195 by making a $4300 down payment and arranging a four-year lease that calls for monthly payments in advance, interest of 2.91 percent compounded monthly, and a buyout payment of $20,000 at the end of..
Derive an expression for the firm's marginal revenue curve. b. To maximize profit, how many lasers should the firm produce and sell per month c. If this number were produced and sold, what would be the firm's monthly profit
Jane starts working on her 25th birthday with an annual saary of $55,000. She sets aside 5% of her salary at the end of each year for her pension plan, whch is matched by her employer.
The benefit function is given by B(H) = 500H - 22.5H2 and the cost function is given by C(H) = 100 + 15H2. The corresponding marginal benefit and marginal cost functions are given by MB(H) =500 - 45H and MC(H) = 100 + 30H.
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