Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. What is the efficient quantity?
A. 34,286
B. 131,429
C. 1,200
D. 90,000
A. 34,286
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The president of the United States can obtain a court injunction that will stop a strike for an 80-day "cooling-off"period if the strike is expected to imperil national safety or health. This power is granted in the
A) Wagner Act. B) Landrum-Griffin Act. C) National Industrial Recovery Act. D) Taft-Hartley Act.
Which of the following signals the start of a new expansion?
a. A boom period b. A peak c. An inflation d. A contraction e. A trough
An important difference between a perfectly competitive market and a monopolistically competitive market is that, in the latter,
a. there are more sellers of the good b. there are only a few large sellers c. there are no barriers to entry or exit d. there is only one seller of the good e. the product is not standardized
The reason we are willing to accept money with no intrinsic value is that
A. paper currency may be exchanged for full-bodied money. B. the value of the money varies directly with changes in the price level. C. the money supply is backed by an equal amount of gold and silver. D. we have a fiduciary monetary system in which currency is widely acceptable.