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a. Complete the table above. You do not have to complete any cell with "-" in it. Be careful calculating MC and MR; note that output does not change by "1" but by "2".
b. What level of output will this firm operate at in order to maximize its revenues or minimize its losses? (That is not two questions; it's the same level of output in either case.)
c. Demonstrate to me that your answer to (b) above is indeed correct. Calculate the profit for that level of output, as well as the level of output immediately above and below it (so you will have three profit calculations).
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
FULL karma for complete and clear response. 1. Under what conditions are the Cournot and Bertrand equilibria the same 2. What happens to price and output in the Cournot, Bertrand and Stackelberg models if marginal costs increase by 10 percent
a. why might fire extinguishers exhibit positive externalities b. draw a graph of the market for fire extinguishers, labeling the demand cruve, the social-value curve, the supply curve, and the social cost curve.
In order to derive an individual's demand curve for salmon, we would observe what happens to the utility-maximizing bundle when we changea. income and hold everything else constant. b. the price of a close substitute and hold everything else constan..
A negative externality created by a producer means that from the standpoint of the public's well being and for the producer and his/her industry in question Even a perfectly competitive market may produce too little of a good
Martha is preparing for exams in economics and sociology. She has time to read 40 pages of economics and 30 pages of sociology. In the same amount of time she could also read 30 pages of economics and 60 pages of sociology.
a. Why is the soft drink industry so profitable during the years in this case b. Update the profitability what has happened to Coke and Pepsi in the last five years c. Coke and Pepsi have been the dominant players in this market. Today, what market..
For a normal good, explain the difference between the income effect and the substitution effect using an appropriate diagram
the village of pescatore is situated next to a medium sized lake in which citizens can fish from privately owned boats.
question1. a model of the determinants of health combines three economic variables and two economic
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related. How do active and passive views of these concepts di..
Excess burden is caused by the fact that taxes Answer are spent in ways that taxpayers do not support. distort economic decisions. generate less revenue than the government spends. are regressive instead of progressive.
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