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Suppose a firm’s total cost curve is TC = 1000 + 10q + 4q2 , such that MC = 10 + 8q.
(a) Find the firm’s fixed cost, variable cost, average total cost, and average variable cost.
(b) Find the output level that minimizes average total cost.
(c) Find the output level that minimizes average variable cost.
mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments
A change in a firm's technology that decreases its production costs will result in:
Toys are produced by a competitive industry. Santa Claus gives away one million free toys each year. It costs Santa nothing to produce these toys. Use a diagram to show how the existence of Santa Claus affects the supply of toys, the price of toys, t..
When negative externalities exist in a market,
Which of the following was responsible for slower economic growth before the Industrial Revolution? There was no instance of technological innovation.
The term ________ refers to a firm operating in a perfectly competitive market that must take the prevailing market price for its product.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using year 1 as the base year. Next, do the same calculations using the chain-weighting method.
Ben Laden is considering an attempt to differentiate his product from several other competitors by using high quality natural herb dyes.
Consider a numerical example using the Solow growth model, suppose that F(K,N)=K^0.5N^0.5 with d=0.1,s=0.2,n=0.01,and z=1, and take period to be a year. Determine capital per worker, income per capita, and consumption per capita in the steady state. ..
In your own words, explain what corporate social responsibility (CSR) is. Name two examples of social responsible companies you know and explain why you consider them so.
Social Security payments and tax revenues may be considered “on-budget”—i.e., as part of the U.S. general budget no different than defense spending supported by income and other taxes including Social Security taxes—or “off- budget” spending supporte..
Suppose you are the manager of a California winery. How would you expect the following events to affect the market equilibrium price (up or down) you receive for a bottle of wine? Please state the shift (leftward or rightward) of demand or supply.
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