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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 is Q = 100 - P. (a) What is the supply function of the fringe? What is P0? (b) What is the residual demand function for the dominant firm? (c) What is the profit-maximizing price of the dominant firm? (d) Compare monopoly profits to the profits of the dominant firm. Which market structure is socially preferable, dominant firm or monopoly? Why?
As an analyst at the Treasury Department, you have been asked to predict the behavior of key macroeconomic variables for different scenarios on the state of policy between the US and Europe.
A manufacturing firm is trying to decide if it should purchase an automated assembly line. The firm currently has employees completing the assembly portion of its production process. The workers are very efficient; Should the company use the automate..
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change - two quarters and a dime. No other combination of coins will make anything come out of the machine.
Companies 1 and 2 are fighting over a market segment initially held by Company 2. Company 1 has $K in reserves and company 2 has $L. Whenever the market is served by one company, the competing company can launch a price war by reducing the price. Wha..
Describe the social and economic repercussion of the following inventions: the typewriter, the jet airplane, television, penicillin. Which do you think is greater in each case - the social or the economic impact?
Compute the deadweight loss if the U.S. imposes a tariff of 25 cents per bottle of imported wine.
The Venezuelan bolivar has been steadily depreciating against the US dollar, but the government wishes to stop the depreciation. What must the Banco Central de Venezuela do to stabilize the exchange rate? Is there a limit to how much it can intervene..
The central bank lowers discount to rise the nation's monetary base. The country has highly mobile international capital markets and a fixed exchange value system.
Illustrate what does a point outside construction possibilities frontier indicates.
At 36 units of labor, a firm finds that both average product of labor and marginal product of labor equal 42. We can conclude that the average product curve at 36 units of labor is
Illustrate what is the short-run supply curve for each firm in the company. What is the short-run supply curve for the industry as a whole,Qs.
"Burger King Gets Grilled" (USA Today, August 27, 2014, B1). Define and discuss usage of the HHI index and C4 index and what are two of their limitations (which would be very relevant in this case). Calculate "pseudo" HHI and C4 indices for worldwide..
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