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The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.a. What is the marginal revenue that this perfectly competitive firm will earn on its 60th unit of output? b. What level of output should this firm produce in order to maximize profit or minimize losses? (This isn’t two questions; the same level of output would do either.) c. Given your answer to question (b) above, assume that ATC at that level of output is $10. What are the firm’s profits? d. Now assume that the firm produces 100 units of output and at that level of output ATC = $11. How many firms in total will there be in this market? e. Finally, assume the firm produces 100 units of output and at that level of output its ATC are $13 but its AVC are $11. What should the firm do and why?
Graph the supply and demand schedule for pizza using $5 through $15 as the value of p. In equilibrium, how many pizzas would be sold at what price?
What money supply should the Fed set next year if it wants to keep the price level stable and what is the price level? What is the velocity of money?
If there is asymmetric information what is the optimal strategy for the workers What is the optimal strategy for the firm Is the employment contract between the firm and the workers self-enforcing If yes, why If not, which would be a self-enforcing..
The market environment heavily effects corporate decision making ability. Define and explain the difference in executive decisions concerning pricing, product design,
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks form the same sort of wood. Although hardwoods were readily available in the past, recently they have become harder to obtain. Consultation with the man..
Make a research on the elasticity of beef and eggs in regards to price changes and explain how do supply, demand, and price controls interact to affect equilibrium price of eggs?
Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Records f..
Economics of Markets and Organizations
Curly's Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $33,000 per year forever.
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
Discuss how does the existence of money decrease the expenses of making transactions, relative to a society based entirely on barter?
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
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