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1. At a price of $5 the profit-maximizing output for a perfectly competitive firm is 1,000 units per year. If the average total cost is $3 per unit, what will be the firm’s profit? If the average total cost is $6 per unit, what will be the firm’s profit? What is the relationship between profit, price, and average total cost?
2. Use the following diagram to answer a, b, and c.
a. Illustrate the relationship between a perfectly competitive firm’s demand curve and the market supply and demand curve.
b. Illustrate the effects of an increase in market demand on a perfectly competitive firm’s demand curve.
c. Illustrate the effects of a decrease in market demand on a perfectly competitive firm’s demand curve.
suppose the Fed expands the money supply, but because the public expects this Fed action, it simultaneously raises its expectation of the price level. What will happen to output and the price level in the short run? Compare this result to the outc..
If the government knew the cost of reduction for each firm, what reductions would it impose to reach its overall goal What would be the cost to each firm and the total cost to the firms together
What is the rationale behind the minimax regret rule What are some less formal and precise mehtods of dealing with uncertainty. When are these useful. How does the adverse selection problem arise in the credit-card market. To what complaint does ..
1. Suppose the government imposes a tariff on all imports. Use the DD-AA model to an- alyze the effects this measure would have on the economy. Analyze both temporary and permanent tariffs. 2-Suppose there is a permanent fall in private aggregate ..
The World Trade Organization Press Release demonstrates the impact of a declining world economy on global trade. Discuss the pros and cons of imposing quotas on some imported goods. How would this affect the American economy
Suppose you are the manager of College computers, a producer of customized computers that meet specifications needed through the local university.
Find the probability that on a given Tuesday more than 30 students will be absent and compute the expected value of X
One can derive a demand function for health and for medical services from the Grossman model. Explain the differences between the two demand functions. Why does demand for health and for medical services depend on age?
Key concepts to include in your paper--Monopoly Market Structure, Characteristics of Pure Monopoly, Barriers to Entry into the market, Natural Monopoly, Government Monopoly, Downward Sloping Demand Curve, Economies of Scale, Monopoly Pricing, Pric..
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
With regards to the changes within the economic structure, how do politics and government regulation factor into the changes we see to economic activity on both a domestic and global scale What actions have either helped or hindered our progress
Defenders of Communist economic systems may point out that customers pay lower values for certain goods because government imposes a limit on what manufacturer may charge.
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