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"What is the point of entering a perfectly competitive industry if it is simply to earn zero profits anyway?" Discuss this statement with reference to the long and short run, as well as to heterogeneity across firms.
Consider a monopolized industry. Is the deadweight loss from this industry greater if (1) the government sets price equal to average total cost or (2) the government sets price equal to marginal cost? Why? Use examples of monopoly form your own country to answer this question.
Explain governmental budget, its primary purpose, and its three distinct components. Explain step by step the governmental budget cycle process.
Explain the differences between government purchases and government transfers and give an example of each. Explain how each affects the GDP.
Explain the difference between public good and private good and give one example of each. Explain how the elements of inappropriately relate to public goods and private goods.
LTC= 150Q - 15Q^2 + 0.4Q^2. How much economic rent does the low cost producer earn?
ii. A multinational refreshments firm has 68 monetary units available to produce the maximum possible number of bottles. Its production function is q(x, y) = 60x + 90y − 2x 2 − 3y 2 where x and y are the required inputs. The inputs prices are px = 2 m.u. and py = 4 m.u. repectively. Given the budget restriction, maximize the production of bottles. By means of the Lagrange multiplier how will the maximum number of bottles produced be modified if the budget is increased in one unit (or if it is decreased)?
You operate Balvinder's Best Broccoll Boutique in Burnaby in a perfectly competitive environment You have the following information You want to decide how much you should produce , and what price you should change Complete the chart, and answer the questions below . Use in your answers . HINTComplete your cost calculations and review the lecture notes on the relationship of the MC curve to the ATC and AVC curves . Then, to calculate your revenue values that this is perfect competition Quantity Price TR MR TC 75 TFC TVC $ AVCSMCS .47 100 200 169 300 378 400 Use this space to show me one of your MC calculations 1 Complete the chart above, using decimals in your answers. [ 2 is your profit price? quantity 3 What is your profit?
i. Suppose that the production function for compact disc player is
𝑄=100𝐿0.6𝐾0.4
Where 𝑄 is the total output, 𝐿 is the quantity of labor employed, and 𝐾 is the quantity of capital in place.
a) Calculate TP, AP, and MP for the sixth, seventh and eighth units of labour employed if capital is fixed at 240 units.
You operate Balvinder's Best Broccoli Boutique in Burnaby, BC, in a perfectly competitive environment. You have the following information. You want to decide how much you should produce , and what price you should charge. Complete the chart , and answer the questions below. Use decimals in your answers . HINT: Complete your cost calculations first, and review the lecture notes on the relationship of the MC curve to the ATC and AVC curves. Then, to calculate your revenue values , remember that this is perfect competition ... Quantity Price $TR $ MR$ TC $ 75 TFC $ TVC $ATC $ AVC $ 100 200 169 300 378 400 1.10
