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Consider a firm with the following total variable costs (TVC).
Q TVC Q TVC
0 0 4 38
1 5 5 55
2 13 6 75
3 24
The firm also has annualized fixed costs associated with its equipment of $30, but the annualized resale value of the equipment is $20. The market price of the good produced is $15.
(a) If the firm has already purchased the equipment, answer the following: (i) if the firm chooses to operate, what is its best possible output? (Hint: find MC and use marginal analysis.); (ii) Should the firm operate? Show your work and explain.
(b) If the firm has not yet purchased the equipment, should it do so? Explain.
Describe the short-run impact of the adverse supply shock on prices and output in each country. Compare the long-run impact of the adverse supply shock on prices and output in each country.
Illustrate what effect this could have on the price of cigarettes also the quantity of cigarettes sold
Refer to situation. An economist would predict that onc e price controls were abolished in the spring of 1974,A) The price of gasoline would decline sharply B) The surplus of gasoline would vanish
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after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.
Assume that two power plants, Firm 1 and Firm 2, release arsenic in a small urban community that exceeds the emissions standard. To meet the standard, 40 units of SO2 must be abated in total. The two firms face the following abatement costs: Determin..
The demand for MICHTEC's products is related to the state of the economy.
Why does Apple tightly hold on to the development of iOS but outsources some of the design and all the manufacturing of iPhone handsets?
If the price increases by 10 percent, by how much does the quantity of household (a) natural gas and (b) electricity change in the short run and in the long run?
A group opposed to free trade concludes that the total number of domestic jobs will decrease because it estimates that 20,000 jobs will migrate abroad. The actual total loss is:
As an HR manager how might you manage this kind of work environment? How would you keep track of individuals? How might we engage continual development programs?
What is the optimal consumption bundle (a*,b*)? What can you say about this utility function?
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