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Assume that the market for wheat is perfectly competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q
A) How much profit does each firm earn?
B) What is the shut-down price for the firm?
Presently, at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply.
Consider an industry in which two types of managers run firms, Genius and Ordinary. There is a fixed supply of 100 genius managers, whereas there is unlimited supply of ordinary managers. Both types of managers are willing to work for a salary of $14..
Two partners own together a small landscaping business in North Carolina, called Summer Lawn Care. They have been specializing in summer grass seeding
compute the price elasticity of demand between successive points. Which price maximizes publisher's revenues. Calculate and explain.
Sally deposited $100 a month in her savings account for 24 months. For the next five years she made no deposits. What is the future worth in Sally's account at the end of seven years if the account earned 6% interest annually, compounded monthly?
Suppose, Worker 1 has a reservation price of 41 cents; worker 2’s reservation price is 42 cents; worker 3’s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the de..
In a market research study conducted by a local winery on white wine preference, the following results were found. Of a sample of 500 men, 120 preferred white wine and of a sample of 500 women, 210 preferred white wine. What do you conclude at ? = .0..
q.a consulting company estimated market demand and supply in a perfectly competitive industry and obtained the
Considers a consumer who suddenly changes her preferences with regard to air travel,
Discuss the source of tension between cooperation and self-interest in a market characterized by oligopoly. Use an example of an actual cartel arrangement to demonstrate why this tension creates instability in cartels.
Suppose that, for the population of all entering freshmen, the distribution of the number of correct answers would be normal with a variance of 250. what is the probability that sample variance would be less than 100?
Cite the major functions of the district Federal Reserve banks. Brief overview of monetary policy. Brief overview of the Board of Governors.
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