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Question about Variable costs
A firm has Total Costs (TC) of $10,000 over the next three months (TOTAL for the 3 months - not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $5,000 in revenues (TR). So, considering only this information, should they stay in business for those three months, or should they close down right now? Provide the reasoning.
Explain how many popsicles will be sold every day in the short run if the price rises to $2 each. In the long run, if the price rises to $2 each.
Suppose a monopolist with cost function C (Q) = 3Q selling to 2 segments of consumers where Q is total output produced by the monopolist in both markets. If the monopolist can use a single two-part tariff, compute the two part tariff that will maxim..
To best serve customers interested in buying cars over Internet, Smart Motors, hire Nora Jones to respond to customer inquiries.
Suppose that deterioration in the education level of the U.S. population reduces the marginal product of labor.
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
Problem on standard deviation
Consider the following situations. Evaluate how they would affect the level of productivity of labour.
What is her marginal rate of substitution when L = 100 and she is on the budget line? What is her reservation wage? What is her optimal combination of C and L?
Explain demand for cassette players is price elastic also they are cyclical normal goods.
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
Which of these would cause the demand curve for bison (American buffalo)
Illustrate Toms price elasticity of demand also what does his demand curve look like (either verbally explain the shape of the demand curve
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