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Consider the following table.
Quantity Total Cost 0 $46 2
$47
4 $48
6 $49
8 $51
10 $57
12 $65
14 $75
16 $87
(1) Suppose that the price of the product is $5. How many units will the firm produce in the short run?
(2) In the long run, will the price rise or fall from the current level at $5? Explain the reason.
When her taxable income rises to $55,000 her income tax is $11,750. Based on this information, what is Mari's marginal tax rate?
In economics, the concepts of economies of scale and economies of scope if often used in the context of production. How are theseconcepts similar and different? Please use your own examples toexplain these concepts.
Identify and briefly describe the organization, D.R. Horton. Explain why this will be an interesting focus for the application of macroeconomic ideas.
If the power of special interest were reduced for example, through the adoption of supra-majority voting rule, would economic efficiency improve? How would contributions to political campaigns be affected? Do you think politicians are very interested..
If the marginal product of capital net of depreciation equals 8 percent, the rate of growth of population equals 2 percent, and the rate of labour-augmenting technological progress equals 2 percent
How many major wireless phone handset manufacturers are there? What is the market structure? What pricing strategies do wireless phone handset manufacturers use?
Illustrate what range of labor input is marginal product smaller than average product. What is happening to average product as employment increases over this range.
Use the line drawing tool to draw a line showing the relationship between the number of deliveries (on the horizontal axis) and your total cost (on the vertical axis). Draw the lnie between zero and 20 delieries. Label this line 'Cost'.
Compute the total fixed costs, total variable costs, average fixed costs.
Discuss what economic theory predicts will happen Draw a supply and demand graph illustrating the effect of a minimum wage Discuss what elasticity conditions would economic theory prove to be true or false.
What is the distinction between net investment and gross investment? Which is the total amount spent on investment in a given year? Which is the change in the capital stock?
With base year 2002, the CPI in 2011 and 2012 were 240 and 250, respectively. If a flat screen TV cost $1164 in 2011 and $1200 in 2012, was the flat screen TV more expensive in 2012?
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