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Assume the market for fertilizer is perfectly competitive. Firms in the market are producing output, but they are currently making economic losses.
a. How does the price of fertilizer compare to the average total cost, the average variable cost, and the marginal cost of producing fertilizer?
b. Draw the two graphs, side by side, illustrating the present situation for the typical firm and for the market.
c. Assuming there is no change in demand or the firms’ cost curves, explain what will happen in the long run to the price of fertilizer, marginal cost, average total cost, the quantity supplied by each firm, and the total quantity supplied in the market.
When one person saves, that person's wealth is increased, meaning that he or she can consume more in future. But when everyone saves, everyone's income falls, meaning that everyone must consume less today. Explain this seeming contradiction.
Explain why temporary and permanent fiscal expansions do not have different effects under fixed exchange rates, as they do under floating exchange rates.
How would your answer to Part A change if economic growth is average and Petal Providers' net profit margin is 7 percent?
A group living in the United States in 2004 consisted of fifteen households with no elderly members. There were five single individuals living separately from each other (less than 65 years old). What percentage of these households were poor? What wa..
Entrepreneurship is a A. Distruptive B. Stabalizing force in an economy. True or False: Economic models cannot fully capture the dynamic process of competition, in particular, the discovery of new products and methods.
q. suppose that at the equilibrium price and quantity the marginal revenue is -15 and the price elasticity of demand
A market with demand Q = 10 - p is supplied by a monopoly with costs C(Q) = 6 + 2Q. Calculate the equilibrium price, output, and monopoly profits. What would be the equilibrium if the market were supplied competitively by firms, and each firm had the..
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Determine which of the following situations describes games and which describes decisions. In each case, indicate what specific features of the situation caused you to classify it as you did. Consider the strategic games described below. In each case..
Illustrate what is an opportunity cost. Elucidate how does the idea relate to the definition of economics.
q1. illustrate what might you be able to infer about the elasticity of demand from the following statement in the
Cars are lasting longer. The expected number of miles traveled over a vehicle's life has risen to 180,000 miles in 2001 from 128,000 in 1977. However, new car buyers tend to keep their cars about the same length of time before trading them in. Using ..
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