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If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that
a. marginal revenue exceeds marginal cost.b. marginal cost exceeds marginal revenue. c. total cost exceeds total revenue. d. None of the above is correct.
problemanswer the following true t or false f questions1. to account for the time value of money we must multiply a
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
Five annual deposits in the amounts of ($1,200, $1,000, $800, $600, and $400) are made into a fund that pays interest at a rate of 9% compounded annually.
There are two assets that consumers can use in order to provide for future consumption: there is a short-term liquid asset and a long-term illiquid asset - does the planner provide more or less liquidity insurance compared to the market allocation?
A firm is targeting 35,000 net monthly profit servicing 2000 cars. What price should the firm charge to realize the targeted profit.
suppose that the production function for a commodity is given by q 10radiclkwhere q is the quantity of output l is the
The article must be representative of the economic issues represented by the topics or focus. The article review must include a brief summary of the facts in the article using economic terms.
An increaseing governemtn expenditure in increasing GDP when it is financed by rasing taxes or slling government bonds to the general public or else.
For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product, and/or free entry and exit, explain your answers.
Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
Calculate output, marginal cost, averagecost, price and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level.
Find the taxi firms profit maximizing or loss minimizing output level, Q. Calculate the monopolist's total profit. What is the monopolist's average profit?
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