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Question 1:
A) In a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production? Why or why not?
B) Why do marginal and average cost curves take a "U" shape?
Question 2:
Define "Monopoly". Is it true that a monopolist will maximize profit where Marginal Revenue equals the Average Cost of Production? Why or why not?
Question 3:
Define Elasticity. If you have a product where elasticity is less than one, what does that mean? Is it good, bad for the firm?
Question 4:
Why will firms not shut down as soon as the price of their product drops below the Marginal cost? At what point will most firms go out of business (shut-down) and why?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Demand estimation and forecasting and income elasticity of demand
Current economic theory and their application or lack of application to contemporary economic problems
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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