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3. Analyse the two following situations for forms in competitive markets: a) suppose tha TC =100 +15Q, where TC is total cost and Q is the quantity produced. What is the minimum price necessary for this fi to produce any output in the short run?
Suppose that MC=4Q, where MC is marginal cost. The perfectly competitive form maximizes profits by producing 10 units of output. At what price does it sell these units?
The Road Runner Club contributes money to Senator Sly's reelection campaign fund, and Senator Sly helps pass legislation to add more jogging paths across the state
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Bud Owen operates Bud's Package Store in a small college town. Bud sells six packs for off-premises consumption.
Examine the key factors affecting the demand for and the supply of a good or service
Federal Reserve lowers the required reserve ratio from 0.10 to 0.05. How does this affect the simple money multiplier.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Explain an economy is initially in equilibrium at the natural level. The central bank increases the money supply.
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
What are the components of aggregate expenditure. What determines the slope of the aggregate expenditure line.
Suppose she is offered a new job that would pay her $15,000 and would bring her earnings high enough so that she no longer qualified for any welfare benefits.
Do protectionist policies benefit producers, consumers, workers, or the government
Price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm will ceteris paribus.
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