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Suppose that a perfectly competitive firm faces a market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units. If the firm produces 1,500 units, its average variable costs (AVC) equal $5.50 per unit, and its average fixed costs (AFC) equal 50 cents per unit. What is the firm's profit-maximizing (or loss minimizing) output (Q) level? What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
A recently developed citrus orchard will come into full bearing after 6 years. Starting at the end of the 7th year of operation and continuing through a productive life which lasts till the end of the 26th year, the orchard is expected to produce ..
Consider a Cobb-Douglas production function with three inputs, K is the capital(number of machines), L is labor (nuber of workers) and H is human capital (the number of college degrees among workers) The production fucntion isY=K1/3 L1/3 H1/3
The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Qd = 424 - 40P Qs = 40 + 8Pa. What is the equilibrium price and quantity for the industry.
The store found that 75% of all sales made to credit card users were for purchases of the new line of sportswear, while 30% of all sportswear sales were for the purchase of the outdated fashions. Records indicate that credit cads are used in 80% o..
suppose that there are 100 identical individuals (denoted j) in the economy each with the inverse demand equation P = 200 - 60qj. How do you solve for the industry supply curve and for the industry demand curve. Solve these for equilibrium industry..
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's.
Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is unsafe to keep that much cash. Joe stops at the Local National Bank the following day, opens a check..
In 2003, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2004, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else eq..
Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices
(a) If the price of x1 is 2, the price of x2 is 1, and Max's income is 10, how much x1 will Max consume How much x2 (b) Suppose that Max's income level is 10. Derive Max's demand function for x1. Is x2 a substitute of x1 or a complement of it
it also gives each economy's average annual growth rate over this period. for example, real GDP per persion in senegal was $1,776 in 1960 and actually declined to $1,571 by 2000. Senegal's average annual growth rate during this period was -0.31%
Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P = 600 Â- Qc- Qd Where Qc and Qd are the quantities sold by the respective firms and P i..
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