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12. Mrs. Smith is operating a firm in a competitive market. The market price is $6.50. At her profit-maximizing level of output, her average total cost of production is $7.00, and her average variable cost of production is $6.00. Which of the following statements about Mrs. Smith's firm is correct? )
a. Mrs. Smith is earning a loss and should shut down in the short run.b. Mrs. Smith is earning a loss but should continue to operate in the short run. c. Mrs. Smith is earning a profit since the price is above the average variable cost. d. Without knowing Mrs. Smith's marginal cost, we cannot determine whether she should stay in business or shut down.
Illustrate what can you say about the change in equilibrium price and quantity.
787b stimulus bill approvedwashington-less than one month after president obama took office congress last night passed
What generalization can you make asd to the relationship between marginal revenue and elasticity of demand? Suppose the marginal cost of successive units of output was zero.
Suppose both firms have entered industry. What is joint profit-maximizing level of output. How much will each firm produce. How would your answer change if firms have not yet entered industry.
q1. is holding an investment he bought for 1000 that has a 60 percent chance of gaining 200 in value and a 40 percent
Draw the Edgeworth box of this situation and draw the contract curve. What dowe know about the proportion of peanut butter to jam held by Adam in any equilibrium?
Select also research an industry where there has been a pattern of change in a particular market model
What happens to market price and quantity if demand rises but supply falls? Draw them with labels. Qd rises from 40 to 60 if P falls from 12 to 8. PED? Show the formula first and then all calculations. Qs falls from 24 to 16 if P falls from 18 to 12...
Illustrate what was impact on supply and demand of labour on one sector of labour market. Elucidate factors that affected labour demand and labour supply in chosen historical example.
trace the evolution of work on the laissez-faire doctrine through two arcs. first those theorists who are trying to
What is probability that these 64 students will spend a combined total between $703.59 and $728.45.
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, Illustrate what were the economic incentives for producers.
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