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The wood-pallet market contains many identical firms, each with the short-run total cost functionSTC(Q) = 400 + 5Q+Q2, whereQis the firm's annual output (and all of the firm's $400 fixed cost is sunk). The corresponding marginal cost function is SMC(Q) = 5 + 2Q. The market demand curve for this industry isD(P) 262.5 -P/2, wherePis the market price. Each firm in the industry is currently earning zero, economic profit. How many firms are in this industry, and what is the market equilibrium price?Nov 18 2014 05:58 PM
Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).
If the economy is operating on the upward sloping portion of the short-run aggregate supply, SAS, curve; show that an increase in aggregate demand, AD, from expansionary fiscal policy will result in an increase in both real income, Y, and the gene..
What happens to t as real wage increases and what happens to t as labor increases - Write down the firm's maximization problem and solve it. Find real wage, labor.
Suppose that the inverse demand function is given by P=50-Q, and cost function of a firm is C=5qi: For a competitive industry, find the market price, market output and the profit at the equilibrium.
What monetary policies do you think caused the crisis 2. What were the effects of the policies implemented in reaction to the crisis 3. Do you think the solutions worked in the short term? In the long term? Fiscal policies 1. What fiscal ..
You will synthesize your understanding of leadership and apply this to the global environment. First, formulate a definition of globalization. Second, formulate your definition of leadership.
Use a work-leisure diagram that includes nonlabor income to portray an individual who is maximizing utility by working, say, 8 hours per day. Now compare the labor supply effects of imposing (a) a lump-sum tax and (b) proportional tax of, say, 30 per..
This basic one costs $4,000 for the employee this year, plus $2,500 for the spouse, and $2,500 for any number of children. It also has a family deductible amount of $2,000 before benefits (80% paid; 20% co-insurance) kick in.
As a percentage of the unemployed, what is the size of the total flows out of unemployment each month? What is the average duration of unemployment?
How did the Social Security system contribute to the surpluses of the late 1990s and how can a baby boom cause problems for an unfunded pension system?
My brother has a house worth $400,000 and he has no mortgage as it is paid off! His utility bills and insurance and maintenance cost him about $500 per month and property taxes and all other costs about another $500 per month.
what conditions exist when economic profits are maximized? what is the difference between economic and accounting
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