Equilibrium Prices & Quotas

If my firm operates in a competitive market and competes with many other domestic and foreign firms. The domestic market demand for the product you produce is Qd = 500 - 1.5P. The domestic market supply curve is Qsd = 50 + 0.5P, and the market supply curve for the foreign firms in the market is Qsf = 250. - Determine th ...continues

Two production plants with cost functions

A monopoly has two production plants with cost functions C1 = 50 + 0.1 Q12 and C2 = 30 + 0.05 Q22. The demand it faces is Q=500 - 10P. What is the profit maximizing level of output? a. Q1 = 62.5; Q2 = 125 b. Q1 = 125; Q2 = 62.5 c. Q1 = Q2 = 125 d. Q1 = Q2 = 62.5

Question

Income = $500 PX = $20 PY = $5 Market rate of substitution between Goods X and Y would be ? ( 100, -4, -20, 25)

Question

Cost of corn is low and patrons in the US spend 3 billion yearly on its consumption. The cost has doubled, patron spending in reality has gone up to 4 billion yearly. This is an a sign of? (demand for corn is elastic, demand curve for corn is upward sloping, corn is a giffen good, corn prices violate the law of demand, none ...continues

Question

Gas business takes over one of its previous suppliers in a merger this illustrates ? (vertical or horizontal integration)

Non existence of patents game theory

Non existence of patents game theory implies privately motivated innovated decisions of companies could potentially produce ? (small amount of innovation, a great deal of innovation, socially economical level of innonvation, none of the above)

Question

Q=20 - 4P C = 4Q what is the optimal price to charge for 20 units? ($15, 30, 50, 100)

How much of good X is consumed?

Q xd = 10,000 - 2 Px + 3 Py - 4.5M Px = $100 Py = $50 M = $2000 How much of good X is consumed? (100, 500, 950 1100)

Non existence of patents game theory implies

non existence of patents game theory implies privately motivated innovated decisions of companies could potentially produce ? (small amount of innovation, a great deal of innovation, socially economical level of innonvation, none of the above)

NAFTA and environmental regulations

The North American Free Trade Agreement (NAFTA) is a trade agreement between the United States, Canada, and Mexico whose purpose is to eliminate tariffs between the countries and promote all aspects of international trade. There are many arguments for and against the treaty. One of the arguments against centers on the fact th ...continues