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Suppose a firm has market power and faces a downward sloping demand curve for its product, and its marginal cost curve is upward sloping. If the firm reduces its price, then:
A. consumer and producer surplus must increase.
B. consumer surplus increases, producer surplus may increase or decrease.
C. consumer surplus increases, producer surplus must decline.
D. consumer and producer surplus must decline.
The topic is one currently being debated here in the united states. it involves a proposal by the president Obama to raise the federal minimum wage from $7.25 to $10.10 per hour. How many workers will lose their Jobs due to this increase?
Assume that in a private closed economy consumption is $240 billion and investment is $50 billion, both at the $280 billion level of domestic output.
Firm is contemplating replacing a computer (D) it purchased three years ago for 6,000. In two years it will have a salvage value of $800. Operating a maintenance costs have been $1,000 per year. The computer currently has a trade in value of $3,000 t..
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12? Use t..
If there were only one seller, illustrate what would be the equilibrium price and quantity.
On a graph where the total income is on the horizontal axis and the number of tasks is on the vertical axis, why does the piece rate appear as a straight line? Show that if the piece rate goes up, the line become flatter.
In January, the interest rate is 5 percent and firms borrow $50 billion per month for investment projects. In February, the Federal government doubles its monthly borrowing from $25 billion to $50 billion. That drives the interest rate up to 7 percen..
Which of the following ideologies emphasizes liberty on economic issues and traditional values on social issues?
Suppose the demand curve for a monopolist is QD = 500 − P, and the marginal revenue function is MR = 500 − 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. Find the monopolist’s profit-maximizing output and price. Ca..
Explain how the quantity theory of money reaches the conclusion that the normal effect of an increase in the money stock is a proportional increase in the price level.
If L is increased by 2% with K unchanged, what is the resulting percentage change in output? Describe the nature of returns to scale for this production function.
A company purchases a new unit of machinery for $20,000. The machinery is to be sold at the end of 10 years for $2,000.If the company uses a MARR of 10%, what is the equivalent uniform net profit cash flow the company must receive each year to breake..
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