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17. Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
To maximize its profit, the firm should
a. increase its output. b. continue to produce 1,000 units. c. decrease its output but continue to produce. d. shut down.
Economic theory tells us that (under reasonable assumptions) a rise in the government budget deficit raises interest rates. Show how the debt is monetized if the Fed tries to maintain stable interest rates
The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, KY. The racing track is one and one-quarter miles. The winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to..
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
The goal of studying and recording the unemployment rate is to learn something about the state of the economy. Explain why each of the following makes the unemployment rate a better or worse indicator of how healthy the economy is.
Describe and discuss the model of perfect competition and adopting strategies to gain market power in the competitive industries.
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A big city just doubled the yearly fee for hot dog push carts that had exclusive rights to a spot just south of big museum of art to $288,000
Given the choice, a risk-averse person would be more willing to toss a coin twice and receive $1 each time tails comes up than to a coin once and receive $2 if tails come up.
What is the present value of your wealth at the beginning of your life, what is the largest constant consumption stream you can afford and what borrowing/lending strategy you will use to accomplish b.
why is it so certain that price elasticity will cause those prices to return to levels they were at instead of staying lower based on the new technology?
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