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Problem Set 5 - ECON/FRE 374 Problem Set 5 Due 4 PM Friday...

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ECON/FRE 374 – Problem Set 5 Due: 4 PM, Friday, November 18, 2005 Instructions: a) Your grade on this problem set will be determined by randomly grading a single problem from the set below. It is thus important to do each question carefully as any one problem could determine your grade. b) Problem sets are to be handed in at the beginning of class. Please do not upload your problem sets in webct. c) Any problem set received after the time it is due will not be graded. d) Please label and mark all graphs clearly. Questions (each question is potentially worth 10 points): 1) Consider a compact disc market (note that this question is given in your practice questions section on webct). The price of a disc sold at the market is $12. The cost of transporting the disc to the market is 10 cents per disc per mile. There is a single road (extending in only one direction) to this market and firms can locate uniformly along this road at a distance of 1 mile from each other. Assume that there is a firm producing at the market center (i.e. at mile 0).
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