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Suppose the graphs below (A−D) represent a typical perfectly competitive firm. State what is wrong with each of the graphs. a. What is wrong with graph A? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The average total cost curve is mislabeled as the average fixed cost curve. The profit-maximizing level of output is not labeled correctly. There is nothing wrong with the graph. The AFC curve should be flat. The demand curve should be downward-sloping. The MC curve should be downward-sloping. b. What is wrong with graph B? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The demand curve should be flat. The demand curve should be downward-sloping. The MC curve should be upward-sloping. There is nothing wrong with the graph. c. What is wrong with graph C? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The profit-maximizing level of output is not labeled correctly. The ATC curve should be below the AVC curve. The demand curve should be flat. The MC curve should be downward-sloping. The MC curve should go through the minimum point of the ATC curve. There is nothing wrong with the graph. d. What is wrong with graph D? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The AVC curve should be below the ATC curve. The MC curve should be downward-sloping. The demand curve should be downward-sloping. There is nothing wrong with the graph.
Calculate consumption expenditures as a percent of real GDP for all years and calculate GDP growth in 2011 and 2012.
suppose a worker is offered a wage of 5 per hour plus a fixed payment of 40. what is the equation for the worker
how much does the total amount of deposits in the banking system increase? By how much does the money supply increase. In the u.s. today, money includes which of the following items federal reserve bank notes in citibank's cash machines.
You are currently using three printing presses and five employees to print 100 sales manuals per hour. If the MRTS at the point is 0.5 (capital is on the vertical axis of the isoquant map) the you would be willing to exchange _______ employees for on..
Evaluate the statement: “The only time that a change in resource allocation clearly increases social welfare is when the change represents a “win-win” situation.”
Suppose ABC were to use the caps as a promotion. How many caps could ABC give away free? At what price would no caps be sold? Calculate the price elasticity of demand at a price of $6?
All other things being equal which of the following is not likely to lead to faster growth of GDP per capita if we assume diminishing marginal product of capital improving government starting poorer higher savings rates higher population growth
The multiplier effect of a change in government purchases. Suppose the government in this economy decides to decrease government purchases by $250 billion. The decrease in government purchases will lead to a decrease in income, generating an initial ..
Aaron and Barry, living close to the entrance to the Yosemite National Park, sell the same kind of drinking water to tourists. Every day in the morning, Aaron carries some water to the park. Barry, observing how much water Aaron brings to the park, d..
Ryan has $200 per week to spend on gas and food. The price of gas is $4/gallon and the price of food is $2 unit. What is the opportunity cost of an additional unit of food in terms of gallons of gas? What is the opportunity cost of a gallon of gas in..
Contraction GAP, Illustrate what does a Contraction Gap imply about the actual rate of unemployment relative to the natural rate.
Describe a situation in which market equilibrium occurs. How do prices serve as a regulator? Discuss an example.
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