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If there are fixed costs of production in a competitive industry, the q that solves the firm’s first-order condition
(a) will also solve the firm’s second-order condition.
(b) is the q that leads to the highest possible consumer surplus.
(c) is the same as the q that minimizes AC and AVC.
(d) is the same as the q that minimizes only AC.
Why do Senior citizens pay less than everyone else for admission to a movie, but pay the same as everyone else for movie-popcorn?
The multiplier, or the change in equilibrium GDP that will occur per any change in spending, can be determined by calculating the fraction of any change in income that survives all of the leakages and goes on to start the next round of spending.
I think the blaming China is just another move by the administration to take the country in the wrong direction, possibly with tariffs or restrictions on imports for countries such as China.
"Some states have had laws restricting the sale of most goods on Sunday. Consumers, by and large, oppose such laws because they find Sunday afternoon a convenient time to shop. Paradoxically, retail trade associations frequently support the laws." Wh..
A? person's income is ?$300?, the price of a video is ?$55?, and the price of deluxe pizza is ?$15. At?equilibrium, the marginal rate of substitution is equal to the slope of the price consumption curve. the consumer is buying three times more videos..
Assume the MTA’s production cost curve is given by C=1,200,000,000 + 3.5q where q denotes the number of subway trips. From past fare changes we know that a 20% drop in fares will increase the number of transit trips by 4%. Calculate the first-best tr..
In a given market at a given time, demand for a service increases and supply of that service decreases. (That is, demand shifts rightward while supply shifts leftward.) Analyze the impact of these changes on equilibrium price and quantity. Make sure ..
Illustrate what effect this could have on the price of cigarettes also the quantity of cigarettes sold
In the short run, a firm cannot vary its capital, K = 2, but can vary its labor, L. It produces output q. Explain why the firm will or will not experience diminishing marginal returns to labor in the short run if its production function is
Illustrates what are the advantages of utilizing the funds in the construction process.
Consider Bertrand competition but with differentiated products. The products are Mishka’s coffee and Temple coffee. The demand for Mishka’s coffee is given by qM =12 − 2pM + pT where pM is the own price of coffee and pT is Temple’s price of coffee. F..
Why is depreciation added to net income in the Operating Activities category of the statement of cash flows when the indirect method is used? Depreciation provides cash and therefore must be added to net income. Depreciation reduced the book value of..
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