Assignment a couple of Economics Dissertation

ECO 550: Managerial Economics and Globalization

Assignment #2

1 . Office building protection plans necessitate the burning, waxing, and buffing of ceramic flooring tiles. This work is usually contracted to be able to office repair firms, and both technology and labor requirements are very basic. Supply and require conditions from this perfectly competitive service industry are:

QS = 2P - 20| (Supply)

QD = eighty - 2P| (Demand)

Wherever Q is definitely thousands of hours of floor reconditioning per month and P is the price each hour.

a. | Algebraically decide the market balance price/output combo. | n. | Use a graph to verify your response.

(For the chart, use rates: 10, 20, 30, 45, 50, sixty, 70, 70, 90, and Quantities: five, 10, 12-15, 20, twenty-five, 30, thirty-five, 40, forty-five, 50, fifty-five, 60, sixty-five. )

2 . Or perhaps Kids is actually a representative company in the home produced orchid market. The company has a short run total expense curve given by: TC = 50 + 2q + 2q2 and a minor cost contour given by: MC =2 & 4q. Or perhaps Kids operates in is competitive industry with all the following Industry Demand and Market Supply Curves:

QD = 1, 410 – 40 S (Demand)

QS = -390 + 20 P (Supply)

a. What is the equilibrium selling price (P) and quantity (Q) in this market? b. Just how many products of output (q) will need to Or Children produce? (Hint: Set P= MC intended for the company. ) c. How much revenue will Or Kids make?

d. How many firms are with this industry? (Hint: divide industry quantity offered by the range of units the representative company is making. )

three or more. Refer to problem 2 above. Suppose industry conditions improved forcing the equilibrium selling price to 20 dollars. 00. a. How much profit would Or Kids earn now?

w. Should they continue to produce in the short run? Why or why not?

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4. The figure below shows a good in a correctly competitive marketplace:

a. Get the price below which the firm will go bankrupt. b. What is the firm's long run...



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