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Jim and Lisa own a dog-grooming business in Champlain, New York, called JL Groomers. There are many buyers and many sellers in the dog-grooming service market. JL Groomers experiences normal cost curves, with the marginal cost (MC) curve crossing average variable cost (AVC) at $14 and average total cost (ATC)
at $22. JL Groomers’ long-run supply curve would be the:
a. marginal revenue (MR) curve above $14.
b. marginal revenue (MR) curve above $22.
c. marginal cost (MC) curve above $14.
d. marginal cost (MC) curve above $22.
e. average variable cost (AVC) curve above $14.
An economy has the following Money demand function: (M/P)d= .4Y/i^.5 . Where is the nominal interest rate. Derive an expression for the velocity of money. What does it depend on? Explain why this dependency may occur.
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Given the optimal output in c, Elucidate how much profit (or loss) can the manager of Ever Klein Pool Services expect to earn?
Suppose Audrey and Nicky are cousins with a destructive streak. Audrey is 1 year old and has a 10% chance of creating substantial damage in the next year, in which case the expected cost is $2000. Nicky is 2 years old and has a 5% chance of creating ..
Many firms in the United States file for bankruptcy every year, yet they still continue operating. Why would they do this instead of completely shutting down?
Explain the relationship between the effectiveness of monetary policy and the interest elasticity of investment. Will monetary policy be more or less effective the higher the interest elasticity of investment demand? Explain. Now explain the relation..
Describe the historical and institutional developments of the major US economic security programs since the early 20th century and identify the major attempts to reform the system throughout the period.
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