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A typical firm in a constant cost industry and a perfectly competitive market made negative economic profits last period. This period, Select one: a. the firm will produce the same amount. b. the firm's profits will decrease. c. market price will decrease. d. market supply will decrease.
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
If the two firms each maximise profits independently, explain how much output would each firm produce. Explain how much quasi-rents would each factory earn.
The Case in Point on America’s shifting comparative advantage suggests that the United States may have a comparative advantage over other countries in the production of high-tech capital goods. What do you think might be the sources of this advantage..
You were told that a certain cash flow sequence started at $3000 in year 1 and increased by $2000 each year. How many years were required for the equivalent amount worth of sequence to be $12000 at an interest rate of 10% per year?
What is the annual worth of a machine that has a first cost of $10,000, a useful life of 10 years, an annual operating cost of $5,000 per year, and a salvage value of $2,000 at an interest rate of 10% per year?
Average cost includes both fixed and variable costs, whereas the marginal costs include only variable costs. Therefore, marginal cost is never greater than the average cost." Comment on this statement.
A university registrar who uses her experience with university admissions along with your high school grades, application essays, letters of recommendation.
From an economic perspective, reprocessing is a money loosing proposition since we derive negative profits from it.
Why do you suppose that some publishers are selling space for advertisements in their e-books-and sometimes even in physical books? From an economic standpoint, how could we explain the willingness of someone to pay $19.99 for a physical book that is..
During one year in the late 1990s, the Cornell Medical College received acceptances of offers of admissions from 20 more students than it could accommodate in its first year class. What factors should have influenced students’ thoughts about whether ..
A newspaper cartoon shoes a wealthy person standing on a pile of money saying "your greed is hurting the economy!" to a fellow who clearly has no money but arries a sign demanding the minimum wage to be raised. What effects would a binding minimum wa..
Occupational licensing can accomplish which of the following?
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