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You must show your work..not simply write down an answers.
1. Suppose that a perfectly competitive firms' Total Cost function is given by:
SRTC(q) = 50 + 80q -10q2 + .6q3
a. What is fixed cost equal to? What is Variable Cost equal to?
b. What is Marginal Cost equal to? What is Average Variable Cost equal to?
c. Below which market price (a number) will this firm choose to produce 0 output?
d. Choose a market price that is between Average Cost and Average Variable Cost. Will the firm choose to produce a positive output level? Depict this output level in a graph that includes all the appropriate curves. Explain verbally (and with numbers) whether this firm would choose to produce the output you chose.
e. What does it mean by a firm to be a price taker? What is the implication of this for the individual firms' demand curve? You must also mention in your answer the term elasticity (correctly of course).
What are the strength of the neoclassical models of labor supply and labor demand. What are the weakness of the neoclassical models of labor supply and labor demand.
when the state cuts its rate by 4 cents an hour. Explain how the fall in the average weekly wage and the minimum wage will influence aggregate supply.
1.this question is about the theory of money demand.aconsider two financial assets a and b which could be quite
Describe, using the terminology of economics, how customers should decide how many pieces of pizza to eat.
Suppose the federal government coughs up the $3 billion needed to build a replacement for the Brent Spence bridge crossing the Ohio River between Cincinnati and Covington. Discuss why the impact of that project on the local economy would ultimately b..
How did Henry Ford by two of his brilliants insights was most responsible for the growth of the automobile industry?
How would you go about estimating the different probabilities of three alternatives occurring if you have little empirical data on which to base your estimates?
What is a call option for a stock? Suppose the current stock price is $40, and the strike (or exercise) price of the call option is $35. Is the stock option in the money or out of the money? What is the intrinsic value of this call option?
Which of the following is generally part of a formal report?
Profit is an economic ingredient that is important to the U.S. economy. Draw a picture below to illustrate how profits provide incentives in the U.S. free enterprise system.) *What would be a good picture to draw?
Consider a monopsonist in the labor market. Let the labor supply be given by L = 4w, where L is the employment level, and w is the wage rate. Suppose that the monopsonist has the production function F(L) = √ L. What is the wage rate and employment l..
Why do most modern societies try to reduce poverty? Why don’t they do so by simply passing a law requiring everybody to have the same income? Explain
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