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The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm's marginal cost is constant at $30 per unit.
a. Express the firm's marginal revenue as a function of its price.
MR = x P
b. Determine the profit-maximizing price.
Illustrate the average cost, marginal cost, and marginal revenue for a firm making a positive economic profit in a short run, perfectly competitive environment. Indicate the profit. Now illustrate what will happen to this profit in the long run.
Gus cab driver rents a cab and pays for gas. In each of following circumstances, describe the short-run effects & long-run effects on the price and quantity of rides Gus offers.
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Assume that the following information about the economy is correct. The potential GDP is 3 percent. Real GDP has fallen at a minus two percent rate in the last 12 months.
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country x and country y have the same level of output per worker. they also have the same values for the rate of
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Joe's t-shirt shop is located in a small college town. the majority of business is custom t shirts for university book stores. as a sideline, they also sell t-shirts locally. the local demand is Q=200-5P. calculate output, price, and profit under ..
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
AMS recently instituted an in-house recycling program. The benefits of this program include not only the benefits to the environment of recycling but also the goodwill generated by AMS's leadership in this area.
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