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Suppose you collected data on the average number of text messages sent per month by 300 randomly selected teenagers over 2009 and 2010 and found the sample meanwas 3,339 text messages with an estimated standard error of. Assume that the population data are normally distributed.
Find out the total revenue (TR) and total profits in terms of Q. At what level of output (Q) are total profits maximized? What price will be charged? What are total profits at this output level?
a perfectly competitive firm and industry in long-run equilibrium. A. How do you know that the industry is in long run equilibrium B. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process fo..
Calculate output, marginal cost, averagecost, price and profit at the average cost-minimizing activity level and calculate these values at the profit-maximizing activity level.
since the firm faces an upward sloping curve, it will not pick E* (equilibrium level of employment) How will it decide how much labor to employ, and how will this equilibrium level of employment (E**) compare with E*? Explain the reason for the di..
The "crowding-out effect" suggests that A. excessive population in the cities is pushing people into the suburbs.B. if consumption spending increases investment spending must decrease. C. tax increases are paid primarily out of saving and, therefore,..
The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers?
In the long run, inflationary andrecessionary gaps are self-correcting because, eventually. nominalwages rise and fall in order to close an inflationary or arecessionary gap thegovernment applies the right combination of fiscal and monetarypolicies t..
So the people that live within walking distance are the only customers you might get, and there are no other stores nearby. If the firm sells the products separately, what price should it charge.
Use the first order conditions for profit maximisation to show that a monopolist will never produce on the inelastic portion of his demand curve.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
The cranberry market is perfectly competitive. Reports that consuming cranberries can lead to improved health result in a permanent increase in the demand for cranberries and an immediate upward jump in the price of cranberries.
How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)
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