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John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John's firm operating in pure competition:
OUTPUT TFC TVC 0 $30.00 0.00 1 30.00 70.00 2 30.00 120.00 3 30.00 150.00 4 30.00 200.00 5 30.00 270.00 6 30.00 360.00
(a.) Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) Refer to the above data. If the product price is $55 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Denote by mi the median favorite position among the citizens of state i, for i = 1,2; assume that m2
Elucidate what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred.
determine the effect on either the aggregate demand curve (is it a rightward or a leftward shift), the aggregate short-term supply curve, and the long-term aggregate supply curve (does the upward sloping portions of the SAS curve shift left or rig..
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Explain how might knowing this affect you as the manager of a large firm.
Aaron Hank is a star hitter for the Bay City Baseball team. He is close to breaking the major league record for home runs hit during one season, and it is widely anticipated that in the next game he will break that record.
You have been hired to work with a resort owner in Northern Minnesota. This resort owner runs a very small operation catering to mostly people who like to fish.
Derive the equation for the IS curve, derive the equation for the LM curve, explain why each of the following statements is true. Discuss the impact of monetary and fiscal policy in each of these special cases.
Analyze the differences and similarities between your personal vision statement and the vision statement of the organization you explored. Rate the organizational vision statement in terms of how motivational or inspirational it is or would be to yo..
If the price elasticity of demand for gasoline is 0.3 and the current price is $3.20 per gallon, what rise in the price of gasoline will reduce its consumption by 10 percent.
Suppose that the economy starts at equilibrium and the mpc = 0.8.What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete?
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