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1. Which types of firms would normally maximize profits along with real-life examples?
2. Should a firm shut down if its weekly revenue is $2,000, its variable cost is $1,000, and its fixed cost is $1,600, of which $1,200 is avoidable if it shuts down? Why?
3. A producer of ballpoint pens has been purchasing ink from an ink supplier and its considering acquiring the ink supplier. Would the pen company be more or less likely to vertically integrate by buying the ink manufacturer if the government taxes ink? Please explain.
There are many brands of laundry detergent, all equally effective. Would you expect the elasticity of demand for any particular brand to be high or low? Explain.
Producer surplus is the...
When firms decide to offer health insurance to their workers [for simplicity we assume they pay the full cost of the policy and do not ask for an employee contribution], they need to reconsider the wages they are willing to pay their workers. Assume ..
Can you relate the Classical and/or Keynesian macroeconomic models to assumptions about economic behaviors and to economic policies being implemented in the U.S. economy today?
The shape of Canada’s production possibilities frontier (PPF) should reflect the fact that as Canada produces more trucks and fewer cars, the opportunity cost of producing each additional truck ______
Consider the community in which you live. What is your responsibility within your own community? Explain and provide examples of what you consider your responsibilities.
Suppose that there is a bond that will pay $500 for each of the next three years (the first payment is one year from now). At the end of three years the bond matures and the holder receives the $10,000 face value of the bond. If the market rate is 4%..
In this discussion, you will explain the role of the business cycle in government and private sector decisions. Data on GDP and economic growth are considered lagging indicators because they report information on what is already known. How reliable a..
If a competitive firm's marginal profit is positive at an output of 1000 units,
Ben is choosing between two different industrial fryers using an annual worth calculation. Fryer 1 has a five- year service life and a first cost of $ 400 000. It will generate net year- end savings of $ 128 000 per year. Fryer 2 has an eight-year se..
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
Ann’s preferences are represented by a utility function UA(x). Suppose one were to (colloquially) say that Carol has more “sensitive preferences” than Ann: her utility function UC (x) satisfies UC (x) = 2UA(x). Prove that for every choice set, Ann an..
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