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Figure 1 is the cost and revenue curves for a perfectly competitive firm.
a. For this firm the profit maximizing output is _____and the profit maximizing price is_____.
b. Calculate is the total profit/loss for this firm.
c. Refer to figure 1 and your previous answers. Will the industry this firm operates in expand or contract in the future? Why or why not?
d. Refer to figure 1 and your previous answers. If these costs curves remained the same in the long run, this firm would produce ___ at a price of _____ in the long run and earn, ______ economic profit.
In the following two panels, the demand for good X shifts due to a change in income (Panel A) and a change in the price of a related good Y (Panel B). Holding the price of good X constant at $50, calculate the following elasticitiesIn the following t..
Contraction GAP, Illustrate what does a Contraction Gap imply about the actual rate of unemployment relative to the natural rate.
What are some of the key things that can shift the supply and demand of money? Explain how these shifts might happen.
Rosco has a utility function over money = log(I) where log is base 10 and I is money. His initial income (I) is $1000. Suppose he must accept one of three bets: Graph each of these of a utility-of-income graph with income on the horizontal and utilit..
What changes in the organization and activities of the Federal Reserve Board would you suggest to improve its operations? Should the Fed be more or less powerful? Which of the monetary policy tools -- Open Market Operations, Discount Policy and Reser..
Illustrate the way in which market forces shape the organizational responses using a range of examples.
What is the expected impact of fall the business confidence. Explain with suitable diagram. Will monetary policy help to increase the investment by private sector in the presence of fall in the business policy.
For retirement planning, you decided to deposit $1,000 per month and increase your deposit by $100 per month. How much will you have at the end of 10 years if the bank pays 3% annually, compounded monthly?
Show what happens to one or both curves for the given scenarios. If the scenario does not change either curve, leave them in their original positions.
Illustrate the situation: Firm X develops a new product and gets a head start in its production. Other firms try to produce a similar product but discover they have higher average total costs than the existing firm.
Fluid Dynamics Company owns a pump that it is contemplating replacing. The old pump has annual operating and maintenance costs of $8,000/year: it can be kept for 4 years more and will have a zero salvage value at that time. The old pump can be traded..
Describe the benefits and costs associated with each type of externality. What happens to the Supply and/or Demand curve in each of your examples.
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