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A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist do to maximize profits? b.) Why might a business owner keep their business open but let it deteriorate, rather than shut it down? Will this profitability last?
The Gauss-Markov theorem states that OLS estimates are BLUE. List what word each letter in the acronym BLUE stands for. Then, give an intuitive definition for each of these words ?
List out three problems of decentralized power that existed under the articles of Confederation . For Each problem you listed, identify one solution that the Constitution provided to adress the problem.
Explain what do you think the fact that most American CEOs are paid so much more than rank-and-file employees suggests CEOs are overpaid.
Explain why at first patents might seem such as a deterrent to growth because in effect they restrict the use of new technology
Write out the payoff matrix for this game, and then find its Nash equilibrium.
Explain how do you expect the supply and demand of your selected good to change in the next year. Relate you expectations to the price and quantity of the good in the marketplace.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
Suppose that one company acquires all the suppliers in the industry and thereby creates a monopoly. Illustrate what are the monopolist's profit-maximizing price and total output.
This exercise presents a simple example to elucidate how exchange-rate conversions can produce misleading results and how the PPP methodology works.
The stock is now selling at $62.50 per share. If the current price holds until the first of the month, and Sam exercises his option, how much will he make this year?
Any goods from all should be of higher demand than supply; the other good should show higher supply than demand.
Compute market price, quantity of wheat produced, and the new equilibrium number of farms in this new situation.
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