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Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide include--state the product you are selling, the price of the product, the quantity of the product you produce, fixed costs, total cost, figure out total revenue, total and average variable costs. Then go ahead and make your decision. Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Illustrate what were the characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries, How would you explain their success in their competition with the Dutch.
Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of short run output (Y tilde) in this economy? Suppose short-run output over the next four years ..
Utilizing an aggregate supply and aggregate demand diagram, show why this self-correcting process involves only temporary periods of inflation or deflation.
Illustrate what happens to the supply curve and the equilibrium point when a new technology improves a production process.
Determine the conditions of perfect competition. Name each and describe with an example how the real markets can violate one of more of these conditions.
The United State is currently running an $800 Billion trade deficit. Is this bad for the economy? Suggestion: use the GDP computation, GDP= C + G+ Ig + Xn.
Illustrate ahat are the general equilibrium values of the real interest rate, price level, consumption, and investment.
Bill gets utility (satisfaction) from two goods, x and y, according to the utility function u(x,y) = ln(x) +ln(y). While Bill would like to consume as much as possible he is limited by his income, which is 100 dollars.
A perfect competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q^2-What is the lowest price at which the firm can break even?
Identify and describe the five sources of growth? Mention and explain four categories (types) of policies designed to promote growth.
Play the social security game to solve the Social Security problem. Detail your choices, noting the why's of your choices and also discuss the effects on the stability of employment, inflation, and GDP as a result.
Illustrate what rate of return will the investor receive after the effect of inflation has been accounted for.
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