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The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions:
1. What is the firm's Total Revenue?
2. What is the Total Cost?
3. What is the firm's Total Profits?
4. If a monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
What is the effect of the United Arab Emirates' increasing sovereign wealth funds on GDP?
Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.
Prepare your slides as soon as you have a good final draft. Preparing the slides will help you see any weaknesses in your paper.
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
In your own words, describe the law of demand through the income and substitution effects, using a price increase as a point of departure for your discussion.
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
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