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Firm Supply Curve
Suppose that the short-run cost function for a firm is TC (q) = 0.1q3 − 2q2 + 15q + 10.
1. Calculate the average cost and marginal cost.
2. From the firm profit maximization behavior, solve the firm’s short run supply curve.
3. Now consider the long run equilibrium in a perfectly competitive market. What are the conditions for the long run equilibrium to hold?
What does the high degree of effective control of the world economy by 'the corporate tribe,' along with the extreme concentration of personal wealth in the United States in the hands of the same individuals.
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Suppose that a consumer's preference between the good x and y are represented by the utility function u(x,y)= x+y. If these two goods have the same price, describe the optimal consumption choices of this consumer.
Give an economics analysis of that liability standard for product-related harms.
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The oil price shock embodied an inflation rise of 3 percentage points and inflation turned out to be 1.5%. What effect did the financial crisis have on the unemployment rate?
Explain what happens in these two markets as the number of sellers drops to only one seller. explain how part, illustrates to the first experimental principle
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