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A consultant has advised Consolidated Fish, Inc. that it should cut back its production in order to increase its profits. We can conclude from this that 2. To maximize profits, a firm should produce at an output up to the point where 3.
I. Marginal revenue is the additional revenue from selling one more unit of output.
II. A firm will always produce at an output at which marginal revenue is greater than marginal cost, except when it is minimizing its losses.
George has been selling 5,000 T-shirts per month for $8.50. When he increased the price to $9.50 he sold only 4,000 T-shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial a..
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
The demand for energy in the United States is often described as persistently non-cyclical and not sensitive to prices effects. Describe the effect of each of the following on the demand or supply for gasoline.
Prepare a brief paper defining direct and indirect channels of distribution. Discuss what are the key advantages and disadvantages of each channel for your company?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Assume the reserve ratio is 20%.If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $1000 deposit?
Suppose you earned $50,000 last year, and inflation is at 5%. You receive a salary increase of $2,000. Explain your increase salary in nominal and real terms.
Suppose that Apple must pay a royalty on each mobile device that it produces. How should Apple adjust its production and price in response to the royalty?
Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions
A study has estimated the effect of changes in interest rates and consumer confidence on the demand for money to be: ln M = 14.666 + .021 ln C ? 0.036 ln r, where M denotes real money balances, C is an index of consumer confidence, and r is the in..
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