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A perfectly competitive firm's marginal revenue :
a. is greater than price.
b. is less than price because a firm must lower its price to sell more.
c. is equal to price.
d. may be either greater or less than price, depending on the quantity sold.
Calculate the initial level of output per person, the growth rate of output per person also the level of output per person after 100 years.
Using the rule of 70, if a person lived to be 70 years old in a country with an average annual growth rate in real GDP per capita of 2 percent the average income during this person's lifetime would increase by approximately ( ) times.
Suppose Ann's marginal rate of substitution between good y and good x is -2. Bill's marginal rate of substitution between good y and good x is -3. Each consumer has 10 units of each good. Propose a trade between Ann and Bill that would make each cons..
Suppose the average Social Security benefits in the nation are $14,000 per year. The number of Social Security pension recipients is currently 50 million. There are 150 million workers in the workforce this year and the average taxable wage per worke..
She is now considering raising her prices by 20 percent to offset the increase in her monthly rent.
A furniture maker has an order for 94 identical tables. If the furniture maker estimates his learning curve at 87% and can reach steady production of 7 hours per table on the 7th table, how long should it take to make all the tables? Express your ans..
Suppose 20 balls are placed in a bag. 10 balls are red, 9 balls are yellow and 1 ball is green. If you draw a red ball you must pay $10. If you draw a yellow ball you get $2. If you draw the green ball you get $100.
Unfortunately, these days, we are inundated with news features in which businesses have violated codes of ethics. What are business ethics and please describe some modern day examples where such ethics have been challenged.
Suppose you own a house in Mobile, AL. Your house is currently worth $200,000. Suppose there is a 5% chance that a food destroys your house, in which case it will be worth $0. You have $50,000 in your bank account.
Consider the market for branded designer dog tags. Economic consultants have estimated a linear approximation to the market demand curve: QD(P) = 120 – 30*P, where the intercept and slope terms are in millions. To make the marketing campaign worthwhi..
The makers of Tylenol pain reliever do a lot of advertising and have loyal customers. In contrast, the makers of generic acetaminophen do no advertising, and their customers shop only for the lowest price. Assume that the marginal costs of Tylenol
Elucidate the marginal revenue from the fourth worker
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