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You are a builder of fiberglass boats in very competitive markets. Fiberglass is derived from crude oil which has recently risen in price.
a. Using diagrams, show what happens to the cost curves of your firm and to the market supply curve due to the increase in oil prices.
b. What will happen to the equilibrium market price and quantity? How will the firm’s sales be effected?
c. What happens to the profits of your firm in the short run? What happens to the number of boat builders and your firm’s profits in the long run?
Julia’s grade in her history class depends on a term paper and a final exam. Her grade will be the minimum of the two scores. She has 1,200 minutes to devote to her history class, and she wants to maximize her grade. Putting the final exam score on t..
Assume marginal costs are rising at all levels of output. If profits are maximized by a firm, whether monopolistic or perfectly competitive,
The price of good 1 is initially at $1, and the price of good 2 is initially at $2, with $24 avaiable to spend. The price of good 2 increases to $4. If Duane’s utility function is U(X1,X2)=min(X1,2X2), then what’s the substitution effect and income e..
Were Free Marketers correct in their defence of American Capitalism? What is the legacy of neoliberlism today? What does the past history of our country suggest will be the response?
When an economy is under autarky the price of eggplant is $5. The world price of eggplant is $3.50. If opened to the world market, would consumers or producers benefit? Would consumers or producers lose? Explain your reasoning (using a graph would be..
Pareto efficiency is defined as:
By raising and lowering short-term interest rates to keep inflation moving at a steady pace, many central bankers and academics thought they had finally found a monetary policy solution to conquer booms and busts of the business cycle. When would int..
If 7,218 of the Ahmadi cell phones were priced at least $119.00, how many cell phones were produced by Ahmadi, Inc.?
The monopolist is currently charging a high price, and you have calculated that you can make a nice profit charging 10% less than the monopolist. Before you go ahead and challenge the monopolist, what possibility should you consider for how the monop..
a. What is the effect on East Asia’s willingness to trade? b. Assuming that each region is large enough to influence international prices, how do East Asia’s good-growing seasons in food affect the equilibrium international price ratio?
You are the manager of a monopoly that faces a demand curve described by P = 85 - 5Q. Your costs are C = 20 + 5Q. The revenue maximizing output is
Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate
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