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1. Assume a perfectly competitive firm is maximizing a profit at some output at which long -run a verage total cost is at a minimum then a) The firm is earning an economic profit b) There is no tendency for the firms industry to expand or contract c) allocative but not procedures efficiency is being achieved d)other firms will enter this industry
2. If a profit seeking competitive firm is producing its profit -maximizing output and its total fixed costs fall by 25 percent the firm should: a) use more labor and less capital to produce a larger out put b) not change its output c) reduce its output d) increase its output
3. If the monopolist firm in the diagram lowers price from P1 to P2 it will a) lose P1 P2 ba bin revenue from the price cut but increase revenue by Q1bc Q2 from the increase in sales b) lose P1P2ca in revenue from the piece cut but increase revenue by Q1acQ2 from increase in sales c) incur a decline in total revenue because it is operating on the elastic segment of the demand curve d) incur an increase in total revenue because it is operating on the inelastic segment of the demand curve
4. When compact disc (CD) players first came on the market they sold for over $1,000 .Nw a good CD player can be purchased for $ 100 .these facts imply that : A) the CD industry was once competitive but is now monopolistic b) fewer firms produce CD players than was the case five or ten years ago c) the deman curve for CD players has shifted leftward d) the CD player industry is a decreasing -cost industry.
There are two firms in an in an industry. Let q1 and q2 be the two firms in an industry and Q= q1 + q2 be the total output. The inverse demand in the industry if P (Q)= 45 – Q. The cost function for each firm is C(qi) = 9qi. The market outcome under ..
Dr. Frankenstein graduated from PSU in 2009 and entered the labor market seeking for a position. At the beginning of 2010 he found his first job in North Pole. But due to lack of skills required, he lost his job at the beginning of 2011. What are the..
Elucidate what would be the immediate and long run effects on c, k, and y. Explain by drawing the path of these variables. Consider that you impose the new saving rate.
Evaluating new vehicle technologies to reduce costs is important for companies like UPS also other companies involved in parcel delivery services.
q1. y fk l a k0.4l1.0a calculate the marginal product of labor mplb does this production function exhibit diminishing
The backward-bending labor supply curve includes each of these variables except
the average price level is $4 per unit also the quantity of money. Illustrate what happens to velocity if the average price level falls to $2 per unit, the money delivery is $2000 also real GDP is 4,000 units.
Assume that the Demand curve is given as Q=100-4P and the supply curve as P=10+4Q. What would be the price and quantity with perfectly competitive markets? What will happen to price and quantity if the government imposes a specific tax of $1 per unit..
Consider an economy of three-period-lived people in overlapping generations. Each person is endowed with y goods when young and old and nothing when middle-aged. The population of each generation born in period t is Nt, where Nt = nNt-1. There are no..
Assume that labor demand for low-skilled workers in the United States is: w = 24 – 0.1E where E is the number of workers (in millions) and w is the hourly wage. Assume there are currently 120 million domestic U.S. low-skilled workers who supply labor..
Starting with the estimated demand function for Chevrolets given in problem suppose the average value of the independent variables
If the last dollar spent on capital generated $1.05 in return while the last dollar spent on labor generated $0.99 in return, then in the long-run the firm should
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