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Author Archives: Anonymous

Suppose the equilibrium price for renting an apartment is $8…

Suppose the equilibrium price for renting an apartment is $800 per month. Concerned about the cost to tenants, the government imposes a price ceiling of $400 per month. This policy will _____.

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Refer to the following figure. Suppose a firm spends $4,000…

Refer to the following figure. Suppose a firm spends $4,000 per day producing a good. The wage rate per worker is $400 per day and rental rate per unit of capital is $1,000 per day. The firm’s isocost line at the current expenditure level is represented by

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If a firm has market power but cannot prevent its customers…

If a firm has market power but cannot prevent its customers from reselling the product, then the firm will

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In the market for apartment rentals, the demand and supply e…

In the market for apartment rentals, the demand and supply equations are given by QD = 9,000 – 2P and QS = 3P + 1,000, where P is the price per apartment and Q measures the quantity of apartments. What is the equilibrium quantity?

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A firm is producing 8 units of output at an average total co…

A firm is producing 8 units of output at an average total cost of $40. When the firm produces 9 units of output, average total cost rises to $54. What is the marginal cost of the 9th unit of output?

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Suppose the supply curve for backpacks is Q = 2P – 36. What…

Suppose the supply curve for backpacks is Q = 2P – 36. What is the highest price at which no producer is willing to sell backpacks (i.e., the supply choke price)?

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A perfectly competitive firm maximizes profit by producing 5…

A perfectly competitive firm maximizes profit by producing 500 units of output, selling each unit for $5. The firm’s average variable cost is $2, and its average fixed cost is $1. What is the firm’s profit?

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In the market for apartment rentals, the demand and supply e…

In the market for apartment rentals, the demand and supply equations are given by QD = 5,000 – 3P and QS = 5P + 1,000, where P is the price per apartment and Q measures the quantity of apartments. What is the equilibrium quantity?

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Refer to the following figure. C1 , C2{“version”:”1.1″,”mat…

Refer to the following figure. C1 , C2{“version”:”1.1″,”math”:”C1 , C2″} and C3{“version”:”1.1″,”math”:”C3″} are isocost curves. Which of the following points minimize the cost of producing Q = Q{“version”:”1.1″,”math”:”Q = Q”} ?

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Suppose that the inverse demand in a market is P = 100 – 2Q….

Suppose that the inverse demand in a market is P = 100 – 2Q. A firm’s marginal cost is constant and equal to $50. If the marginal cost increased from $50 to $60 and the firm is a monopoly, then it would raise its price _____. If the marginal cost increased from $50 to $60 and the firm operates in a perfectly competitive market, then the market price would _____.

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