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Characterize each of the following statements as true or false, and explain your answer.
a. If marginal revenue is less than average revenue, the demand curve will be downward sloping.
b. Profits will be maximized when total revenue equals total cost.
c. Given a downward sloping demand curve and positive marginal costs, profit maximizing firms will always sell less output higher prices than will revenue maximizing firms.
d. Marginal cost must be falling for average cost to decline as output expands.
e. Marginal profit is the difference between marginal revenue and marginal cost will always equal zero at the profit maximizing activity level.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
Using the Lerner index, find the price elasticity of demand for Botox and interpret what this value means to total revenue if the price of Botox were increased one percentage point.
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Let's say you live in Montana and you like to ride mechanical bulls in bars on Friday nights. You estimate that over the next year there's a 4% probability you will incur medical bills of $20,000
Budweiser, Miller and Coors who together produce 80% of all beer consumed in the US, each spend well over $250 million a year on television advertising campaigns, promoting their beer brands.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
Suppose that deterioration in the education level of the U.S. population reduces the marginal product of labor.
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