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For each of the four scenarios below, determine how each event would affect our firm's marginal, average, and average variable cost curves. Consider each situation independently. Describe in detail.
a. An increase in employee wages
b. A decrease in material costs
c. The government imposes a fixed amount of tax (i.e. it is not a percentage tax but a fixed dollar amount)
d. The rent that the firm pays on their building lease decreases.
Illustrate a monopolistically competitive firm in a long-run equilibrium? If yes, explain why. If no, explain why not and redraw the diagram so that it is a long-run equilibrium.
What type of market form do you believe that such manufacturers operate under - Should higher education be classified as a natural monopoly in these European countries?
Bill and Sam both attend the same college and have the same expenses for tuition, books, and supplies. However, Bill is a famous athlete who could be earning $1 million per year playing professional baseball if he were not attending college while Sam..
In a competitive industry, the market-determined price is $12. For a firm currently producing 50 units of output, average total cost is $14, short-run marginal cost is $15 and average variable cost is $7. a. Is this firm making the profit-maximizing ..
explain the four factors for production that influence a countrys standard of living and ultimately a persons quality
a countrys culture reflects and shapes its values and each country adopts laws that reflect their prevailing ethical
Effective price ceilings (in the short run) on goods make those goods typically:
economists often study and evaluate economic policies by country or region. as an economist evaluate different regional
what is the difference between contractionary and expansionary fiscal policies? which is more appropriate today?
1-nbsp consider the one-variable regression model yi betao beta1x1i ui and suppose that it satisfies the classical
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands of dollars): Calculate a 3-month centered moving average.
Explain these three detailed explanations as to how increases in demand for manufactured goods or the “consumer revolution” fostered the industrial revolution in Great Britain: (3 pts) Increases in the extent of the market, (3 pts) Focussing device, ..
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