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There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested. What is their percentage of
As manager of Citywide Racquet Club, you must determine the best price to charge for locker rentals. Assume that the (marginal) cost of providing lockers is 0. The monthly demand for lockers is esti
a) Under a strict divorce law that requires both the husband and wife to agree to the divorce in order for it to happen, will the couple stay married why b)If there is no divorce law and either the
Consider a railroad is next to a farm.Each time the train passes by the farm,sparks from the train fly into the farm and destroy some of the crop.The following gives the marginal cost of the train t
Sharon Shay estimates that a college education has a $28,000 equivalent cost at graduation. She believes the benefits of her education will occur throughout the 40 years of employment. She thinks th
One year ago your bought a bond for $10,000. You received interest of $400 at the end of the year, as well as your $10,000 principal. If the inflation rate over the last year was five percent, calcu
A table saw costs $175 at a local store. You may either pay cash for it or pay $35 now and $12.64 a month for 12 months beginning 30 days hence. If you choose the time payment plan, what nominal ann
a competitive firm can sell all of its output for the market price of $5. its short run cost function is TC= 1000 + Q + 0.005Q2. this cost function has marginal cost given by MC= 1 + 0.01Q.
Consider a simple economy where 90 percent of citizens report an annual income of $10,000 while the remaining 10 percent report an annual income of $110,000. What is the Gini coefficient associated
The price of a good to be sold by a Monopoly is $0.50. The market has an elasticity of demand (n) of 5. a. What is the mark-up and what is the Marginal cost. What would this look like for a perfectly
In 2007, Americans downloaded 800 million singles at 99cent and 40 million albums at $10 each. They also bought 3 million singles on a disc at $4.75 each and 500 million albums on discs at $15.
Suppose that the demand curve for tickets to see a football team is given by Q = 100,000 - 100P and marginal cost is zero. A. How many tickets would the team be able to sell (ignoring capacity constra
Each existing firm and every potential entrant faces an identical U-shaped average cost curve. The minimum level of average cost is $10 per ton and occurs when a firm produces 5 million tons of coba
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's TC function is given by TC = 10 +4Q +2Q2, so its Marginal Cost is MC = 4 +4Q. If the market price is P = $100
Suppose a firm operates as a price taker in a perfectly competitive industry. The firm's Total Cost function is given by TC = a + bQ +cQ2. Therefore the firm's marginal cost is given by b +2cQ. Find
Suppose a monopolist can purchase Labor at a price w = 27 and can purchase Capital at a price r = 3. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist i
The article states that between 285 and 1,437 people in the United States could die if everyone were vaccinated against smallpox. The population in the United State is about 300 million people.
A cable company has a monopoly over the cable services industry in Rhode Island. The market demand curve for cable is P = 1000 - Q, where Q, the firms output, is here the number of hundreds of house
Consider the linear demand function Q = 20 .05P. a. Write the inverse demand function. b. Write the totale revenue function. c. Using calculus, find the level of output, Qrmax.
What distinguishes the golden rule rate of capital accumulation from other steady-state rates of capital accumulation Is the rate at which capital is being accumulated in this economy consistent wit
Suppose that aggregate production function in a particular economy is given by Y = (N/60)[5080 - N] where N is the size of the labor force. Establish algebraically whether this production function exh
Suppose that the economy under study has the following characteristics: s = 0.30 n = 0.02 g = 0.10 d = 0.03K = 1600 Y = 800 N = 100 A = 2 Y = F(K, N, A) = AF(K, N) = A(K^(1/2))(N^(1/2))
Suppose a monopolist faces the following demand curve: P = 596 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. a) What is the monopolist's profit-m
Compared to other countries, the U.S. has had a low level of inflation since 1983. The only years that the inflation rate was over 4% for consecutive years 1988-1991. From 1987 to 1992 the CPI went
A few years ago, a construction manager earning $70,000 per year working for a regional home builder decided to open his own home building company. He took $100,000 out of one of his investment acco