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You are given the following functions in a fully competitive market:
Market demand function: Qd = 20 - 3P Market supply function: Qs = 4 + P Where P is price
A) In which price should a fully competitive firm sell its product?
B) Compute the average revenue and the marginal revenue of a fully competitive firm
C) Illustrate in diagrams both the curves of the average and the marginal revenue.
The best way to organize your results is in the form of a table. Report the log-likelihood and pseudo R2 for the nonlinear models and the R2 and adjusted R2 for the linear model. Write the likelihood functions of logit model
In Mexico, it takes 3 days to produce a bulldozer and 12 days to produce an airplane. In Brazil, it takes 2 days to produce a bulldozer and 10 days to produce an airplane. The opportunity cost of producing an airplane is lower in
There is no evidence that the bar owners ever directly communicated. Do you think this is a violation of Section 1 of the Sherman Act?
After allowing for sleep and personal care, she has 70 free hours each week and must split these hours between work to earn money.
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run.
Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected.
q.consider the following cobb-douglas production function for the bus transportation system in a particular cityq
Which of the following would occur if the federal government decided to use a budget surplus to reduce the existing debt.
Indicate whether each of the following statements is true or false. Explain why. a. When the law of diminishing returns takes effect, a firm’s average product will start to decrease
If the American auto companies make a breakthroufh in automobile technology and are able to produce a car that gets 70 miles to the gallon, what will happen to the value of the dollar? Use the demand-supply model of the dollar to explain.
Illustrate what do economists mean when they say that private goods tend to be produced in the right amounts.
What is the new equilibrium price and output in the short run for both the industry and each firm.
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