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a) True or False. If the price is less than ATC, a firm will minimize its losses by shutting down. Explain fully.
b) Explain why both marginal and average costs are believed to eventually increase in the short run.
c) With reference to (b), is this also true in long run?
Taiwan Electronics produces 3 models of the CB radios, A, B, and C-Employ the transportation model to find out the best production schedule.
Dana's Doorsteps (DD) is a monopolist in the doorstep industry. Its cost is C= 10Q and demand is P = 30- Q.
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
Suppose that this price cut was completely responsible for its raise in revenues from 460 million yen in 1966 to 640 million yen in 1967. Compute the indicated arc elasticity of demand.
Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table.
Explain how the central bank in a modern economy operates; in particular, how it tries to control the monetary base (H), and thus the quantity of money (M) via open-market operations.
Vulnerability Analysis
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
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