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1. What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?
2. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average total cost curve is rising, what is necessarily true of the marginal cost curve?
3. List and describe the characteristics of a perfectly competitive market.
4. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm sets its price below the current market price, what effect would this have on the market?
5. Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower production?
6. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?
International data show a positive correlation between income per person and the health of the population. How might the relative importance of two hypotheses be relevant for public policy
What are some of the reasons for the largest immigrant trend in the US since the 1970s and although the public has always been divided over bilingual education, why is this truer today than ever before?
Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?
Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Records f..
Lender perceive that you are risky,so you must pay 12 annual percent interest to borrow from them. You only receive only 6 percent on the funds you have deposited in the bank.
What are the primary types of risk that investors or companies exposed to when dealing in the international financial markets What are the primary ways one can protect themselves from this risk
youve recently learned that the company where you work is being sold for 315000. the companys income statement
What business will you go into, and what will comprise your fixed and variable costs? How could your business take advantage of economies of scale?
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
Discuss differing views of the same landscape in the context of globalization of culture and Internet accessibility. 200 words or more
An Alumnus of West Virginia University whishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If..
A new item that is manufactured and consumed only in United States and France is about to be launched. In the United States, the following demand and supply curves are appropriate,
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