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Industry demand is given by: Q = 660 - P [with the proviso that Q must be at least 20]
All firms in the industry have identical cost structures - the industry's total cost has fixed cost of 6000 and constant variable cost of 50.
Calculate the following:
a. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? What profit will each firm earn?
b. Now suppose that there are five firms in the industry, and that they collude to set a price. What price will they set? What will be the output of each firm? What will be the profit of each firm? How much did total production go down because of the collusion? How much did the price go up?
Explain using a diagram how a tax cut in period two affects consumption in both periods. Assume that average consumer does not believe that he/she or anyone in family will ever have to pay higher taxes in future to offset current cuts.
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Illustrate what does GDP income leave out. Should a country meet additional quantifiable goals before being considered "developed".
Ordinary least- squares method or the two- satge least squares method for estimating industry demand for rutabagas.
Illustrate what are the long run equilibrium price, quantity of a single firm and the industry output. How many firms are in the market.
Parkleigh presents an hourly salary also the employee discount. Kaufmann's offers only an hourly wage.
What is expected salary of a CEO who has been with company for years. Construct a 95% confidence interval on prediction for average CEO who has been with company for 10 years.
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calculate the profit maximinizing output. calculate the economic profit earned. Illustrate what is the industry for product equilibrium.
Analyze the consequences of such a bill and whether or not you would personally favor it. Consider all the costs involved in your analysis.
Utilizing the midpoint formula, what is the price elasticity of demand for Coke at these prices. Assume the demand for Coke is a linear line. Would the elasticity of demand be elastic or inelastic at 75 cents a can.
Discuss two reasons that government should intervene in the operation of free markets and give two examples of real-world government policies or programs motivated by these reasons.
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