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Suppose the fixed cost of a Christmas trees business is $7,000 and sunk. The variable cost for each tree is $20. According to the forecast, the market price for Christmas trees is $25 each and the owner could sell 1000 trees at most each year. What will you advise the owner to do? Explain your answer. b) Suppose the estimated fixed cost of a Christmas trees business is $7,000 and not sunk. The estimated variable cost for each tree is $20. According to the forecast, the market price for Christmas trees is $25 each and the owner could sell 1000 trees at most each year. What will you advise the owner to do? Explain your answer.
“A” country’s interest rate increased, relative to interest rates in the rest of the world. Which entries would expect to change and which direction? (Exports, Imports, Income received, Income paid, Transfers received, Transfers paid, Inward of forei..
A firm has a monopoly on a new type of gaming console. The market demand is given by P=175.3-0.003*Q and thus marginal revenue is MR=175.3-0.006*Q. The monopolist's marginal cost is MC=5.2+0.001*Q. Calculate the profit-maximizing production quantity.
To prevent gasoline values from having devastating effects on economy it has been proposed that all gasoline values in U.S. be fixed at the average value for the past 2-years.
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
When medical fee schedules are negotiated by two monopolists-one representing patients and one representing providers-the equilibrium medical fees will
Suppose you manage a United States based firm that makes shoe laces that you sell in a highly competitive market your shoe laces are considered a standardized commodity through your consumers
How does the co-insurance policy affect the quantity of doctor visits consumed? Calculate the deadweight loss associated with the existence of insurance.
Predict the type of long-term care needed as the 21st Century America advances in age. Defend or critique the type of care patients obtain in private nursing homes as compared to public institutions or in-home care. Provide a rationale for your re..
Graphically demonstrate the inefficiency that occurs when sports teams produce external benefits. How will a subsidy remedy this problem?
Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve.
A team of financial advisors guiding the launch of national newspaper has modelled the future circulation by the equation N=(1 - e^-kt). Make t the subject.
Explain why advocates of free trade are bothered by the trend in the number of anti-dumping suits in recent years.
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