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Price Levels

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PLEASE GIVE FULL EXPLANATION 1- distinguish between short-run and long-run aggregate supply. what is the short run? what assumption is critical to the development of the short run aggregate supply curve as distinct from the long run aggregate supply curve? Explain

I need help figuring out the steps to solve these problems.

1a. Given the (Q) and price (P) data in the following table, calculate the related total revenue (TR), marginal revenue (MR), and average revenue (AR) figures: Q P TR MR AR 0 $10 1 9 2 8 3 7 4 6 5 5 6 4 7 3 8 2 9 1 10 0 b. Graph this data using "dollars" on the verti

Market Structure: Perfect Competition, Monopoly, and Monopolistic Competition

Starting from Figure 8-6 showing the short-run price and output determination by the monopolist, suppose that the average fixed costs of the monopolist increase by $5 and that its AVC is $6 less than the new ATC at the best level of output. Draw a figure showing the best level of output and price, the amount of profit or loss pe

Calculate Profit-Maximizing Activity Level

Allied Box offers mail-order storage containers for fine china producers. The company is the low-cost provider of these boxes with fixed cost of $480,000 per year, plus variable cost of $30.00 for each box. Annual demand and marginal revenue functions for the company are: P = $70 - $0.0005Q MR = dTR/dQ = $70 - $0.001Q A.- C

Profit-Maximizing Level of Price and Output

Philips Industries manufactures a certain product that can be sold directly to retail outlets or to the Superior Company for further processing and eventual sale as a completely different product. The demand function for each of these markets is Retail Outlets: P1 = 60 -2Q1 Superior Company: P2 = 40 -Q2 where P1

Demand Schedule

Exotic Metals, Inc., a leading manufacturer of beryllium, which is used in many electronic products, estimates the following demand schedule for its product: Price ($/Pound) Quantity (Pounds/Period) $25 0 18 1,000 16 2,000 14 3,000 12 4,000 10 5,000 8 6,000 6 7,000 4 8,000 2 9,000 Fixed costs of manufacturin

Persuasive Writing: Introduction

Read this article about writing Letters to the Editor: http://www.lexicon.net/~lis01101/Pages/WRIT_LET.HTM You can also google "how to write a letter to the editor" if you like. Look in a newspaper (online or live). Find an article that raises a point on which you feel strongly. Please do not choose topics related to

Short Run Price and Output Determination by a Monopolist

Starting from Figure 8-6 showing the short-run price and output determination by the monopolist, suppose that the average fixed costs of the monopolist increase by $5 and that its AVC is $6 less than the new ATC at the best level of output. Show the best level of output and price, the amount of profit or loss per unit and in to

economic impacts of a tariff on a nation's welfare

This is a small country case. Using graphs, explain the economic impacts of a tariff on a nation's welfare, and show how a tariff would affect the current equilibrium price and quantity and import levels within a market that happens to be importing the good already but still has a certain amount of domestic production occurring.

Calculating profit-maximizing price and output

Coke PL=$40-$0.0005QL MRL= dTRL/ dQL =$40-$0.001QL Pepsi PT=$50-$0.0004QT MRT=dTRT/dQT = $50 - $0.0008QT Average variable costs for labor and materials are constant at $20 per unit. 1. Calculate the profit-maximizing price, output, and total profit contribution levels. 2. Calculate point price elasticities of dem

Consumer Price Index

Use the hypothetical date in Table III to respond to the questions that follow. Table III: Relative Importance in the Basket of Goods and Services, 1995-2000. CATEGORY QO Po P1 PoQo P1Qo Food 16 50

average and the marginal cost curves

The long-run total cost function for a firm producing skateboards is: TC = q3 - 40q2 + 430q where q is the number of skateboards per week. a. What is the general shape of this total cost function? b. Calculate the average cost function for skateboards. What shape does the graph of this function have? At what level of skateb

A monoply or oligopoly question....

Graph is attached as a bitmap image a. What is the firm's Total Revenue? b. What is the Total Cost? c. What is the firm's Total Profits? d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output

Monopoly

Please refer attached file for graph Refer to the given graph of a hypothetical monopolist and answer the following a. What is the firm's Total Revenue? b. What is the Total Cost? c. What is the firm's Total Profits? d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run

Maximum Profit

Campbell's sells used trailers, U, and new trailers, N. Its profits are given by Õ = 100N + 68U - 5N2 - 5U2 - 2NU. Campbell's maximum profit is a. $455. b. $588. c. $620. d. $495. e. $640. Total profit is maximized when a. marginal profit equals average profit. b. marginal profit equals zero. c. average profit eq

Question about output level

James Pizzo is president of a firm that is the price leader in the industry; that is, it sets the price and the other firms sell all they want at that price. In other words, the other firms act as perfect competitors. The demand curve for the industry's product is P = 300 - Q, where P is the price of the product and Q is the tot

Velocity theory of money and price level

To control the price level in a Classical model (e.g., to have zero inflation in an economy where the quantity theory of money holds), the monetary system must necessarily do the following: a. Abandon fiat money, and go to a gold standard; b. Use fiat money, abandon the gold standard, and have a Central Bank that is active;

Optimum level of guards

Twenty first century electronics has discovered a theft problem at its warehouse and has decided to hire security guards. The firm wants to hire the optimal number of security guards. A table shows the number of security guards affects the number of radios stolen per week. number of guards... number of radios stolen p

Nominal Versus Real GDP

Table: Nominal Versus Real GDP Year Coffee (Cups) Milk (Gallons) GDP (nominal, real) 2002 (base year expenditure) Price $1.00 Quantity 10 Price $2.00 Quantity 20 2003 (Case 1 expenditure) Price $1.50 Quantity 10 Price $4.00 Quantity 20 2003 (Case 2 expenditure) Price $1.00 Quantity 15 Price $2.00 Quantity 40

Microeconomics

1. For the graph below: a. Does q0 represent the profit maximizing level of output? Yes or No. Explain. b. Is the firm making a profit or realizing losses? How do you know? c. Should the firm continue to operate in the short run? Explain 2. The top four firms in industry A have market shares of 30, 25, 10 and 5%

ABC Costing

NOTE: It is expected that this problem will be completed using an Excel spreadsheet using formulas. Please see the Excel Tutorial that is available under the course home tab. The new president of the Wernecke Company was stumped. Why had profits gone down? He had directed the sales department to push the product with the hi

Estimated share price

Leverage and Capital Structure - chapter 12 Calculation of Share Value Estimates Associated with Alternative capital Structures Capital Structure Expected Estimated Estimated Debt Ratio EPS Required Return Share Value 0% $1.75 11.40% 10 1.90 11.80% 20 2.25 12.50% 30 2.55 13.25% 40 3.18 18.00%

Perfect Competition and Monopoly

Please refer attached file for better clarity of tables. Problems : 1. Kate's Katering provides catered meals, and the catered meals industry is perfectly competitive. Kate's machinery costs $100 per day and is the only fixed input. Her variable cost is comprised of the wages paid to the cooks and the food ingredients.

Profit Maximization

Define Q to be the level of output produced and sold, and assume that the firm's cost function is given by the relationship: TC = 20 + 5Q + Q^2 (Q is squared) Furthermore, assume that the demand for the output of the firm is a function of price P given by the relationship: Q = 25 - P 1. Define total profit as the

Profit Maximization

In a pure monopoly the company faces an inverse demand (price) for their product. p = 20-0.04q1 marginal revenue is r= 20- 0.08q1 and marginal cost is mc1= 0.1+ 0.5q1 total costs is TC1= 5 + 0.1q + 0.25q1(squared) what is profit maximising level for a) price b) quantity c) monopoly profit If the co

Marketing Trends for Target

Need assistance with discussing marketing trends for Target store in the areas of: structures a. Market structure b. Impact of new companies entering the market Need to write 350 -400 words on trends.

Average and Marginal Costs Curves

To solve this exercise I have to use the results of the exercises solved in the document attached. Assume that the demand curve has the form of D = 7500/p. Without congestion the p equals the average costs of road traffic and D is the volume of traffic. Draw the average and marginal costs curves as well as demand curve in