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Q1. If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
Q2. Bob runs a pedicure business in a perfectly competitive industry. He knows that he will break even if the price of pedicures is $15 but that he will have to shut down if the price is $11. If the market demand in the industry is P = 30 (0.2)Q and the market supply is P = (0.2)Q, then in the short run of Bob.
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
Elucidate the marginal revenue from the fourth worker
Budget line showing the various combinations of scores on the two exams that she can achieve with a total of 400 minutes of studying.
Compare the rationale of the Reagan administration for the 1981 tax reductions with the rationale behind the Kennedy-Johnson tax cut of 1964
Determine the cost to the government of buying firms unsold units
Suppose that these cost figures accurately refl ect the economic costs of providing inpatient services at these two hospitals and that the two hospitals face the same average total cost curve.
Calculate price, quantity and social surplus for the initial state and each policy.
This document contains various important questions and their appropriate answers in the subject field of Economics.
The social security system levies a tax on workers and pays benefits to the elderly. Suppose that Congress increases both the tax and benefit.
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Why do celebrity icons receive such widespread attention and adulation
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
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