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If the firm must act as a perfect competitor, in the long run what will happen to equilibrium price and equilibrium output? Graph.
Microeconomics, Economics
Question: In another economy consumer 1 has no x and 8 units of y and the utility fucntion U(x,y) = x - (1/4)y 2 . Consumer 2 has 16 units of x and 8 units of y and the utility function U(x,y) = x +2y (1/2) . Describe th ...
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Question: The present worth of an amount of money "Y" that will be received 10 years from now is $10,000. At an interest rate of 8% per year, the value of "Y" 10 years from now is equal to? The response must be typed, si ...
Question: (Requires calculus) Three Cournot oligopolists, all with constant and identical marginal costs of $5, serve a market with demand Q = 15 - P. Calculate their equilibrium output and show that it is three-fourths ...
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