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Explain the concept of deadweight loss. As well as answer the questions: Why does taxing a product lead to deadweight loss? Use an appropriate graph to explain why the deadweight loss is greater the more elastic the demand for a product.
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if North Carolina Textiles is one of 1,000 competitors. Calculate market supply per day at a market price of $47 per unit.
What is the Marginal Cost? What is the Average Cost? What is the optimal production level where production costs are the lowest per unit?
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Explain the assumptions behind the model of perfect competition and explain the sources of the recent housing price "bubble"? Provide a chart if needed?
Write a situation that would cause a shift in labor supply and demand. The following areas have had high job growth values and can be used for your scenario:
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
Describe three ways in which the Federal Reserve can change the money supply.
Compute the marginal profit function and what is the profit maximizing price, what is the market demand function and what is each firm's supply function?
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
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