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As a manager of a firm, you have estimated that the demand for the product the firm sells is $ QD = 500 - 4 P - 0.015 I, where P is the price of a unit of the firm's product and I is the average consumer income of the firm's customers. Currently, P = $15 and I = $25,000. Based on this information, if you decide to increase the price by 10%, your total revenue from sales will
suppose a person defects from cuba a country that generally disregards the use of markets to the united states and asks
If the marginal product of capital net of depreciation equals 10 percent and the rate of population growth equals 2 percent what must be the rate of technological progress for the economy to be at the Golden Rule steady state?
Explain the nation will move toward an international monetary system or fixed exchange rates in the future.
Illustrate graphically why someone paid an yearly salary might be likely to shirk if monitoring is incomplete at the firm.
What is your price elasticity of demand for gasoline and why? How important is fuel efficiency to you (particularly if you have purchased a car in the past three or four years)? Do your driving habits change as the price of gasoline changes?
Price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive because price minus cost equals marginal revenue. and marginal cost are the same in pure competition. is the same as average revenue.
You expect to receive a payment of $104 one year from one. Your discount rate is 4 percent. What is the present value of the payment to be received? Suppose that the discount rate is 5 percent what is the present value of the payment to be received?
An industry has five firms, each with a market share of 20 percent. There is no foreign competition, entry into the industry is difficult, and no firm is on the verge of bankruptcy. If two of the firms in the industry seek to merge, this action wo..
Illustrate what appears to be the major constraint that the central banks used to determine the limits of the monetary injections into the economy.
A packaging firm relies on the production function , with and . Assume that the firm's optimal input combination is interior (it uses positive amounts of both inputs). Derive its long-run total cost curve in terms of the input prices,wandr.
An accountant for a car rental company was recently asked to report the firm's costs of producing various levels of output. The accountant knows that the most recent estimate available of the firm's cost function is:
The movement in the direction of a market-based system with freely determined prices, competition, profits, private ownership, and other features of capitalism is not simple. Discuss some of the challenges associated with an economy transitioning ..
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