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The Taste Freeze Ice Cream Company is a perfectly competitive firm producing where MR = MC. The current market price of an ice cream sandwich is $5.00. Taste Freeze sells 200 ice cream sandwiches. Its AVC is $4.00 and its AFC is $3.00. What should Taste Freeze do? A. Continue to produce because price exceeds AVC B. Shut down production so that AVC will decrease C. Increase down and produce zero sandwiches because price is less than ATC D. Decrease production so that AFC will decrease
The market for autographs including letters o other documents signed by famous people is subject to frequent large price changes as are markets for most collectables.
The Blue Dragon Restaurant is a new Chinese Restaurant in town. As the only Chinese restaurant in the area, it faces the following daily demand curve:
Under which market structure would you classify the airline industry? Given this structure, why is it that there is little price competition between carriers on the same route? Why is there not more price competition? If they do not choose to compete..
One way that insurance companies can reduce the moral hazard problem is to:
An island economy produces only two goods, coconuts and pineapples. 'Adam' has a stronger preference for pineapples but likes coconut too. 'Bella' hates pineapples but loves coconuts. 'Carla' hates pineapple and hates coconuts.
A $1.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 5 meals.
The change in equilibrium quantity will be:
A local tailor has two types of customers, private customers and department stores. The market of private customers has a demand given by Qp = 2000–100P, and the market of department stores has a demand given by Qs = 4000 − 100P. Suppose that the tai..
The discussion of price ceilings supposed that the medical industry faces increasing marginal costs of production. Suppose a for-profit, monopolistic hospital is experiencing economies of scale (i.e., downward-sloping average and marginal cost curves..
An individual is considering the purchase of a used automobile. The total price is $6200 with $1240 as a down payment and the balance to be paid in 48 equal monthly payments with interest of 12% compounded monthly. The payments are due at the end of ..
Write a paper that uses game theory to to set up a game designed to help a consumer decide whether to buy life insurance or not. To keep the game relatively simple, assume the life insurance being considered is term life, i.e. insurance without an ac..
Zigs Industries had the following operating results for 2011: sales = $29,820; cost of goods sold = $19,810; depreciation expense = $5,300; interest expense = $2,640; dividends paid = $1,500. At the beginning of the year, net fixed assets were $17,23..
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