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If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that
a. marginal revenue exceeds marginal cost. b. marginal cost exceeds marginal revenue. c. total cost exceeds total revenue. d. None of the above is correct.
Compute Florence's MRS of all other goods for travel. (In other words, compute her MRS with travel on the horizontal axis.
Employ the following equation to demonstrate why firm producing at the output level where MR=MC will also be capable to maximize its total profit.
The government levies an excise tax of five cents per unit sold on sellers in a competitive industry. Supply and demand curves have some elasticity with respect to value.
Determine the relationship between and returns to scale and obtain the long-run input demand functions and the total cost function.
During middle years of this decade, the exchange rate of the United States dollar has declined against the currencies of its major trading partners.
A new taco making equipment that is same in size and expense to hog dog carts has encouraged more street vendors to begin selling tacos.
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after ye..
Long-run supply curve in a constant-cost industry is linear and shut down because it will no longer be earning a normal pro?t.
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
Plot these curves on graphs. Compare the cost curves and discuss their characteristics.
What is significant about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
The 5-recent or historical government actions dealing with the macroeconomic policy. For each scenario estimate if it represents fiscal policy or monetary policy, and describe your reasoning.
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