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Sparkle is one firm of many in the market for toothpaste, which is in long-run equilibrium.
a. Draw a diagram showing Sparkle's demand curve, marginal-revenue curve, average-total-cost curve, and marginal-cost curve. Label Sparkle's profit-maximizing output and price.
b. What is Sparkle's profit? Explain.
c. On your diagram, show the consumer surplus derived from the purchase of Sparkle toothpaste. Also show the deadweight loss relative to the efficient level of output.
d. If the government forced Sparkle to produce the efficient level of output, what would happen to the firm? What would happen to Sparkle's customers?
Ageless Corporation has a patent for a new promising age defying moisturizer cream. The yearly demand, marginal revenue, and marginal cost functions for this cream is given:
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor.
Suppose households become more frugal so that there is a downward shift in the consumption function (decrease in autonomous consumption). Analyze the effects of this change in household behavior on real output, unemployment.
A.Based on the National Accounts, what policies would you implement to eliminate a NX
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Under current law, most Social Security recipients do not pay federal or state income taxes on their Social Security benefits. Suppose the government proposes to tax these benefits at the same rate as other types of income.
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If Microeconomics is considered to be study of scarce resources. In which customers must make allocation decisions. These 3-basic trade offs include which products or services are to be manufactured
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