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A pure monopolist sells output for $4.00 per unit at the current level of production. At this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?
If nothing else changes, what happens to the price and quantity if the supply curve shifts to the right? What is the law of supply? Give two examples of how you have observed the law of supply at work.
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
What is the Relevant Market?
What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces?
Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.Efficient institutions are adopted in a country. Label this..
Suppose the central bank conducts an unusually large open market purchase of bonds held by banks of $1,400B due to a sharp contraction in the economy. Assume the ratios you calculated in part (a) remain unchanged, what do you predict will be the e..
What is meant by the marginal rate of substitution between present and future consumption?
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Moral hazard and adverse selection are both examples of a) the principal-agent b)externalities in consumption c)efficiency in markets
During the debate over NAFTA, opponents argue that given the relative size of the two economies, the income gains resulting from the agreement would be smaller for the United States than for Mexico.
At the end of 1973 Japan had a per capita real output of $14,379. If, on average, Japan’s real per capita output grew at a rate of 3 percent per year between 1973 and 1993. What would Japan’s output per capita have been at the end of 1993?
Suppose that a firm sells in a competitive market at a fixed price of $12 per unit. The firm's cost function is: C = 200 + 4Q. Determine the minimum quantity at which the can break even. Are there multiple break even points? Explain in detail.
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