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# Homework #3 BADM 631 EMS11 Due: 8am May 27, 2010 Name: General Instructions Please enter your answers directly into this document and return via...

A particular city has a population of 800,000 in 1990 and a population of 1,500,000 in 2008. To find the growth rate of the population in this city, do the following: Growth Rate = (1,500,000 - 800,000)/800,000 * 100 Growth Rate = 87.5 percent Average Annual Growth Rate = 87.5% / 18 years Average Annual Growth Rate = 4.86 percent Part b) (10 pts) : 1) From the CPI-U data above, are prices rising faster in Boston or Seattle? Are prices higher in Boston or Seattle? Explain fully. Prices appear to be rising faster in Seattle for the one year measured because there is an obvious decrease in Boston and an increase in Seattle. However, it is impossible to measure whether prices are higher in one city of the other because this index is unavailable to provide us with this type of information.
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3. A firm sells its product in a perfectly competitive market where other firms charge a
price of \$80 per unit.
The firm's total costs are C (Q)=40+8Q+2Q2
And marginal costs are MC (Q) =8+4Q
a) How...

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