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All firms in a competitive industry have long-run total cost curves given by LTC = Q3 - 10Q2 + 36Q, where Q is the firm's level of output. What will be the industry's long-run equilibrium price? What will be the long-run equilibrium output level of the representative firm? could you plz solve first by description and then by calculation. Needed ASAP!
U.S. Budget Deficit: Visit the website of the Congressional Budget Office and find the U.S. Federal deficit (surplus) and total debt. As late as 1992, the United States was running budget deficits of nearly $300 billion.
_____ is NOT a characteristic appropriate for a yield management strategy.
Assume consumer equilibrium (budget curve and indifference curves). Draw 3 separate scenarios: (1) the price of good x decreases; (2) the price of good y increases; and (3) the budget (income increases). In each scenario, explain the effect on the gr..
In which market model would there be a unique product for which there are no close substitutes? In which two market models would advertising be used most often?
Suppose a closed economy decides to lower taxes (assume Ricardian equivalence does not hold), all else held constant. What will happen to savings, investment, and the interest rate? Show graphically what happens (be sure to label curves, axes, equili..
Use economic analysis to explain why the optimal amount of product safety may be less than the amount that would totally eliminate risks of accidents and deaths. Use automobiles as an example.
Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, as well as marginal costs.
The market system cannot supply each person with an unlimited amount of resources, so choices must be made. Given the following events, Identify whether this event is a macroeconomic issue or a microeconomic issue and explain why you came to that con..
If we want to look at changes in the cost of living, why don't we track differences in each households actual expenditures from one year to the next, rather than a market basket? Offer several reasons why this method would fail to capture changes in ..
Over the years the market demand for “long-playing records made of polyvinyl has fallen considerably as new technologies replaced the old “lp” yet lps are still available for sale and they sell at price points higher (in some cases much higher) than ..
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..
If unemployment is high and spending is sluggish, what type of fiscial policy should be enacted? How would this be enacted via taxes? Via government spending? What is the intended effect of this policy on aggregate demand?
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