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A local widgets firm hires you to analyze their cost structure. The firm's industry is nearly perfectly competitive in all requisite characteristics.
The company has given you the short run cost functions from existing data:TC=800 +60Q-4.5Q^2+.15Q^3 (total cost, in thousands of dollars)MC=60-9Q+.45Q^2 (marginal cost, in thousands of dollars)
Q measures the number of widgets produced, in hundreds Based on the above information
A.) Find the quantity of widgets where ATC and AVC are at their minimum
B.) Formulate an expression for the firm's short run supply curve
C.) What price do you expect to prevail in the widget market
Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. a. How many employees receive hourly wages of at least $18? b. What percentage of the employees has hourly wages of at least $18? c. What percentage of the employee..
sales 1990 116 1991 105 1992 29 1993 59 1994 108 1995 94 1996 27 1997 119 1998 34 1999 34 2000 48 2001 ..
Suppose that the price of salt rises from 15 cents to 17 cents a kilogram. The quantity demanded decreases from 525 kilograms to 475 kilograms per month, and the quantity supplied increases from 525 kilograms to 600 kilograms per month.
what unemployment rates would we expect to see in this economy?b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of short run output (Y tilde) ..
Although self-employed workers have the option to purchase private health insurance, many do not, due to adverse selection. Suppose half the population is healthy and half is unhealthy. The cost of getting sick is $1000 for the healthy and $10,000..
You borrowed $12,000 to buy a new car from a bank at an interest rate of 9% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the 20 th payment, you desire to pay the remainder of the ..
Suppose that real GDP is $1,500 and potential GDP is $1,200, while the marginal propensity to consume is 0.8. If the government is going to engage in government spending and change taxes. If the government increases taxes by $20, how much will it ..
A monopolist has two types of customers. There are 100 of type A, who will each pay up to $10 for a single unit of goods, and 50 of type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must charge..
w=10, r=25. The price of output is constant at $50. The production function is f(L,K) = L^.5K^.5.If the current capital stock is fixed at 1600 units, what is L* in the short run How much profit will the firm earn
Imagine an economy with a standard Cobb-Douglas production function, population growth of 2%, 1% total productivity growth, a savings ratio of 10% and a profit share of 20%. Assume that machines depreciate by 5% per annum.
Fluff Rite, Inc., manufactures stove top popcorn poppers that it sells to distributors, who then customize and distribute the products to retailers as house-brand poppers. The yearly volume of output is 100,000 units.
1) what is equilibrium GDP 2) what is the marginal propensity to save out of disposable income 3) what is the average propensity to consume out of disposable income (at equilibrium GDP) 4) what is the value of the expenditure multiplier
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