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If the market price of oranges is $5 per bushel, what is the optimal production quantity (measured in thousands of bushels) of Texas Citrus Company in the short run? What is the economic profit (or loss) of Texas Citrus Company in the short run? Do new orange growersenter the market in the long run? Explain
Calculate the amount of former foreign monopoly profit that is transferred as tariff revenue to the home country when the home country imposes the tariff.
Explain how does a firm determine its prices also the quantity of labor need in the resource market during a specific period. How does a firm determine its demand for capital funds during a specific period.
Elucidate how do your previous answers change in the special case where money demand does not depend on the expected rate of inflation
Suppose Firm X is a monopolist and is receiving positive economic profits. Illustrate what prevents other firms from directly competing away the profits.
Talk about why a government may want to impose price control. But in this case, does the Mugabe government achieve its intended purpose
Illustrate what are the advantages of using capital in the production process. What is meant by the term "division of labor".
Trace out exactly where this 100 increase in income goes in the second round and compare to our simpler treatment with a closed economy and lump sum taxes.
After that illustrate what is that firm as marginal revenue as it increases output from 1700 units to 2300 units
The marginal revenue received by a firm in a perfectly competitive marketplace is illustrating what
Explain how do open market operations work through the fractional reserve banking system to impact the money supply and interest rates.
Describe the Schumpeterian notion of "creative destruction"
Compute GDP for Joe using both the product and income approaches and show how they must agree.
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