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Marginal Cost: Find the price at which the firm sells the product.
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product. (Use equation (3012) and to maximize the profits, MR has to equal MC.
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
Given the table of marginal utilities for CD's and century books, calculate the optimal quantity and total utility at equilibrium. Draw Sarah's budget line for part a and her budget line for part b on the same graph.
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Show how expansionary fiscal and monetary policies work. Under what conditions would these policies work more, or less, effectively?
Illustrate what is the number of kilowatt hours of electricity produced and what is the price that the company will charge.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
A monopolist encounters the following demand curve: P=120-0.02Q-What is the level of production, price and total profits per week?
Elucidate the fiscal policy also which factors limit its effect.
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
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