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Alpha Company is a competitive price-taker firm that is currently producing 100 units of output (Q=100). At the current level of production, the firm has Marginal Revenue of (MR=) $20, Average Variable Cost of (AVC=) $12, Marginal Cost of (MC=) $15, and Average Total Cost of (ATC=) $18. Use this information in responding to the following two requests. Each part is worth four.
Calculate the firm's Total Fixed Cost (TFC). At the current level of output (Q), calculate the dollar value of the firm's profit (or loss). Defend/Explain how you calculated that amount.
A brochure reads, “Excellent interest rate of 12%.” Find the effective interest rate if compounding occurs quarterly, monthly, weekly, daily and continuously?
Explain the main arguments in favor of economic stabilization during recessions. Explain why policy lags could make stabilization policies counterproductive. What are the justifications given in favor of more government involvement in the market econ..
A domestic subsidy to enable an industry to compete against imports:
Discuss the major obstacles to economic growth facing in "Libya" and give your advice as an economist on how to solve these issues.
Assume that a perfectly competitive, constant cost industry is in a long run equilibrium with 20 firms. Each firm is producing 70 units of output which it sells at the price of $18 per unit; out of this amount each firm is paying $2 tax per unit of t..
Adam Smith: U(x,y) = xyJeremy Bentham: U(x,y) = xayb (Cobb-Douglas utility function)Alfred Marshall: U(x,y) = ln x + ln y John M. Keynes: U(x,y) = x + yb (Quasi-linear utility function) Joan Robinson: U(x,y) = aX + bY (linear; perfect substitut..
The Bureau of Labor Statistics reported that in 2004 the total labor force was 147,401 thousand of a possible 223,357 thousand working-age adults. The total number of unemployed was 8,149 thousand. From this information,
respond to the following criticism using the criteria below criticismfunding for health care has become a standard
Explain how an economist would determine the optimal level of a pollution tax. What is the major uncertainty in using a pollution tax? What are some particular problems with stock pollutants? Why might a reduction in emissions levels of a stock pollu..
Hank Yoon is the economist in a competitive market. The market price is $35 per item. The total cost equation is , and MC = 2 + Q. What level of output of items should you produce in the short run? What price should you charge in the short run? Will ..
One commentator suggested he knew the reason for China's success, writing: "On my visits to China I noticed the finished apartments were so poorly made that they will need to be replaced in less than 15-20 years. This is the secret to their economy. ..
Select one of the following schools of economic thought: Keynesian, Chicago, and Austrian. Identify three keys points or beliefs that are held by that particular school. What are the macroeconomic policy implications of those beliefs? Explain your an..
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