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Assume that two firms operate in a market which has a demand function Q = 12 - 1P. Firm 1's output is designated by q1 and firm's 2's output is designated by q2. Because there are only two firms, the output on the market Q is equal to the sum of the two firms' outputs q1 and q2 respectively. It is important to note that, in this market, each of the two firms has a substantial impact on the market price. It is not like the model of pure competition where there are a sufficiently large number of firms that each firm has such a negligible impact on price that it takes the market price as given.
If firm 1 produces 2 units and firm 2 produces 4 units for sale, what is the total amount spent on the good in the market?
a. $32
b. $20
c. $36
d. none of the above
The annual income from a rented home is $24,000. The annual expenses are $6000. If the house can be sold for $245,000 at the end of 10 years, how much could you afford to pay for it now, if you considered 9% to be a suitable rate?
The local government does not directly charge their residents for collecting garbage. However, the city faces increasing marginal costs of MC=1+0.7Q per ton. Residents' market benefit for garbage is MB=250-1.4Q per ton. What are the total costs to th..
Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. What minimum increase in sales would be n..
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Depends on the evidence in this article and what you know about the economy in the United States, decide which of these statements is most likely to be true.
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. What would total annual reven..
Consider the following: “In 1973 several major oil producing countries formed a cartel. The cartel effectively decreased the supply of crude oil. Gasoline prices rose sharply as did the total expenditures on gasoline.” Use a supply/demand diagram of ..
Suppose that the price of the firm’s product is $20. What are the firm’s marginal and average revenue product functions? What is the firm’s short-run demand function for input Z.
Many people believe that Congress will eventually have to reduce Social Security benefits in order to reduce the budget deficit. Although most of the changes would not take place until later, assume for the purpose of this problem that Social Securit..
Explain by how much does the total amount of deposits in the banking system increase. By how much does the money supply increase.
The orange growing industry in Florida is perfectly competitive, and each producer has a long-run marginal cost curve given by MC(Q) = 20 + 2Q. What is the long-run equilibrium price in this industry, and at this price, how much would an individual f..
q.1. a. differentiate between monetary policy instruments and monetary policy toolsb. describe the two key tools of
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