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In class is was claimed that at the wealth maximizing output for a price searcher who is making zero (economic) profits, the Average Total Cost Curve must be tangent to the Demand Curve rather than merely be equal to but bisecting the Demand (either from the bottom or top) at that output. Prove or refute that claim. (Assume that there is no price discrimination of any sort; unit prices charged to any buyer, once set, are the same regardless of number of units sold.)
q1. explain why the following situations would occur in terms of the factors that affect elasticity.a demand for
We know a car can be had for 60 monthly payments of $399. The dealer has set us a nominal interest rate of 4.5% compounded daily. What is the purchase price before interest?
Two goods are complements if:
The per-unit cost of the production is mc = 10. Our conclusion is that if we have only one two-part tariff scheme (f,p), it is the best for the monopoly to set f = 800 and p = mc = 10. What’s the necessary conditions that consumer 1 wants to particip..
The report must address what income, Social Security, and Medicare taxes are and why U.S. citizens must pay them.
An engineering firm can lease a measurement system for $1,000 per month or purchase one for $15,000. The leased system will have no monthly maintenance cost, but the purchased one will cost $80 per month. At an interest rate of 0.5% per month, how ma..
Cookie Monster consumes Ores (good 2, price p2) and homemade chocolate chip cookies that he buys from his mom (good 1, price p1). His utility function is u(x1, x2)=ln(x1+x2)+x1. A back-story for these preferences might be that he cares about total ca..
Statements best describes the twelve Federal Reserve Banks - When the Federal Reserve buys U.S. government securities on the open market. this tends to bank reserves and the money supply
Lisa is choosing between three alternatives: a) working on her job that pays her 60 dollars; b) writing a term paper which she values at 40 dollars; or c) going out with a friend, which she values at 80 dollars. The opportunity cost of writing the te..
You will submit a 2 page paper based on an article about an economic topic. The paper should be a summary of the article and then analysis of the economic principles discussed (Supply & Demand for a product, Elasticity of a certain product, or analys..
The city government is losing millions of dollars on the system of mass transit (buses and subways). The government proposes to increase the fare of a ticket by 20% and they have asked your advice. You know that the price elasticity of demand for mas..
Which of the following helps explain why the aggregate quantity demanded of goods and services is inversely related to prices within the framework of the AD/AS model?
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