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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.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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