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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?
Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. Illustrate what is the price elasticity of demand for movie tickets. Could price elasticity be somewhat overestimated from these figures.
If the world economy expands so that foreign demand for U.S.-made goods increases, in the short run Illustrate what will happen to aggregate demand, the price level, and real GDP in the U.S..
Assume that being sustitutes for one another, corn and soybean require the same raw material such as land, will farmers use their soybean farms to produce more or less corn and in econmic.
Illustrate what major legislative actions has congress taken As 1993 to reduce size of Federal deficit. Why process is politically painful to Congress.
Discuss the concept of resistance and how employees respond to major change; incorporate information from your own experiences as well as insights you have gained from this module.
Involuntary unemployment at this wage. If so, how much. Illustrate with a diagram. What if minimum wage is set at 40,000.
Discuss an increase in the personal income tax will slow the growth rate of the economy.
Suppose that the economy is currently at potential output. Also suppose that you are an economic policy maker and that a college economics student asks you to rank.
What happens to the stock of money if the Fed lowers reserve requirements by changing the reserve ratio to 10 percent?
Briefly describe what globalization means to you, to your company or organization, and to Canada using the principles of the Circle of Reflection. List influences that you believe it will have on stakeholders.
Now suppose that it costs $20 to migrate to the United States. Who will migrate to the United States? What has happened to the skill level of those who elect to migrate? What has happened to the average skill level in the home country? Why?
Why anyone would pay a positive price for a CBOT or NYSE seat and what this price represents. Second, explain why the seat values have changed so much in recent months.
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