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17. Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
To maximize its profit, the firm should
a. increase its output. b. continue to produce 1,000 units. c. decrease its output but continue to produce. d. shut down.
Give two reasons for (20 points) and two reasons against backing a currency with gold. Then develop your position either for or against backing the US currency with gold and substantiate your assertions.
Suppose initially that the demand supply for premium coffees is in equilibrium. Now suppose Starbucks introduces the world premium blends, demand increase substantially.
Obtain the demand equation for natural gas and calculate the annual change in consumer surplus
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What is the average fixed cost of producing 2 units of output based on the following table:
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
The aggregate demand curve slopes decrease, because when the price level is reduce, people can afford to purchase more, and aggregate demand increase.
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In the economic theory of the company, we generally discuss only 2-factors, labor and capital, and in short run labor is variable factor and capital is the fixed factor of production.
Determine which country has absolute advantage in production of tanks and explain why is it this country?
The French government has recently increased the retirement age, a decision which is opposed through a large fraction of the French public, especially in students
An industry consists of three firms with sales of $200,000, $500,000, $400,000. Compute the Herfindal-Hirschmann index (HHI)
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