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Annual demand for rock climbing shoes is Qd = 50,000,000 P-2 a. (1) Prove that the formula above implies a constant elasticity of demand of εp = -2. b. (5) Suppose the industry is competitive, and each firm's total cost of production is TCi = 100 qi. What type of market supply function does this give rise to? Find the market price and quantity. If there are 4 identical firms supplying this market, how many pairs of shoes does each firm sell annually, and what is each firm’s annual profit or loss? c. (3) Now suppose the market for these shoes is supplied by a single monopolistic firm, having the same cost function as in part b. Find the new market quantity, price and the monopolist’s profit or loss. (Note in this particular case, marginal and average costs to produce the good are not affected by the number of plants, since we have no fixed costs and a constant marginal cost)
What are three key events of the twentieth century that have shaped international relations today? Describe the events you choose and explain each of your choices.
Problem: Consider a monopolist who has a constant marginal cost of MC = 20. Find the profit-maximizing quantity and price if the inverse demand curve is P = 620 - 25Q.
First suppose that there is no tax in the country Randland. A resident, Dagny, has an hourly wage of $50. How is it possible for Dagny to increase her hours worked after a tax? Graph the labor supply decision for Dagny on a daily income-leisure graph..
What is the change in the total amount that J & R National Bank can loan out? Explain.ii. What is the total amount that the bank can create? Explain.
XYZ rapid prototyping (RP) software costs $20,000, lasts one year and will be expensed (i.e., written off in one year) . The cost of the upgrades will increase 10 % per year starting at the beginning of year two. How much can be spent now for an RP s..
Describe ethical considerations with regard to marketing to children. When the marketers' pitch includes a cause component, such as a breakfast cereal that promises to provide breakfasts to undernourished school children, explain whether this is e..
Explain how natural monopolies cause market failure? How is the deadweight loss associated with this form of market failure measured? What is a typical form of government intervention to correct it? How effective is this type of intervention? Use the..
Elucidate why an upward sloping aggregate supply curve is thought to weaken the impact of a rightward shift of the aggregate demand curve generated by an increase in government spending in the short run.
The price of good A is Eur 20,the quantity demanded is 500 units at yhis price,and price elasticity of demand is Ep=1,8,then a reduction in price of the good by eur 5 would increase the total revenue of seller by
Discuss the difference between absolute purchasing power parity and relative purchasing power parity.
Indentured servitude is no longer legal. An indenture was a contract binding a person to work for another for a given length of time (usually for many years), as an apprentice to a master or an immigrant to service in a colony. Such a relationship wa..
If the company issues debt to finance the project what would be the value of the company. What would be the value of the levered equiy.
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