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1. A competitive firm can sell its product for a price of $3 in the market. Total costs are given below. Fill in the following columns in the table; price, total revenue, marginal revenue, marginal costs, variable costs, fixed costs, profit and average total cost.
2. A music studio faces the following demand schedule when releasing the next compact disc by Taylor swift. The studio must pay swift $30 million to make the CD and the marginal cost of producing the CD is a constant $2 per disc. Calculate the total revenue, marginal revenue, fixed cost, marginal cost, variable cost, total cost and profit for each quantity listed.
Assume the economy is in short-run equilibrium and there is less than full-employment output. Also assume that the marginal propensity to consume (MPC) is equal to 0.8. What is the value of the government spending multiplier in this case? Given the s..
The CEO of General Motors is worried that members of the GM's strategic planning committee are unfamiliar with basic economic principles.
If the reserve requirement ration is 25 percent, what is the money multiplier equal? Assume the reserve ratio is 25 percent and there are $40,000 in new deposits in the banking system. As a result, the money-creating potential of the commercial banki..
If the (profit-maximizing) level of output that a monopolist produces is such that marginal revenue, marginal cost, and average total cost are equal at that level of output, then economic profits must be: a) negative B) positive C) zero D) indetermin..
Suppose you have a $50,000, 6% US fixed-rate, 30-year mortgage. What is the balance remaining after you have made 70 payments? Please show all equations used to find values.
The Carter Construction Company (CCC) is trying to decide whether to build a high-priced or a moderately priced development in the Hagerstown area. Tim Carter, the CEO of the company, has assessed the value of the construction enterprise depends on t..
Which of the following will lead to an increase in aggregate demand? A. A decrease in price level B. An increase in the price level C. An increase in national incomes abroad D. An appreciation in the value of the US dollar
Suppose the status quo is zero abatement. Who wins and loses from moving to the efficient amount of air pollution found in part d) and by how much? Is there potential to create a win-win out of this situation? How?
A teacher invests $5,000 at the end of every year for a 30-year career. If this teacher wants to have $1,000,000 in savings at retirement, what interest rate must the investment earn?
What term do economists use to describe how governmental agencies such as, say, the Federal Trade Commission, may go from being a “watchdog” for consumers to being a “lapdog” for industry?
Consider the following scenario: Phoenix Homeless Agency (PHA) needs funds to continue providing job counseling to qualifying recipients.
Leila runs a firm in a perfectly competitive market with many other firms. Her short-run cost function is given by C(q) = q2 + 25q + 144 such that MC(q) = 2q + 25. Answer the following questions. How much is Leila’s fixed cost of running the firm? If..
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