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Yesterday, a perfectly competitive producer of construction bricks manufactured and sold 10,000 bricks per week at a market price that was just equal to the minimum average variable cost of producing each brick. Today, all the firm's costs are the same, but the market price of bricks has declined.
a. Assuming that this firm has positive fixed costs, did the firm earn economic profits, economic losses, or zero economic profits yesterday?
b. To maximize economic profits today, how many bricks should this firm produce today?
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In an article regarding the sales of SPAM (the food product) it says "sales are growing by double digits". Is the reason people are buying more Spam due to a price reduction or a change in one of the determinants of demand
In view of the weak economy of the last several years, explain which of the four components of GDP had, or is having, the greatest positive impact in our economy.
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