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Elixir Spring produces a unique and highly prized mineral water. The firm's total fixed cost is $5,000 a day, and its marginal cost is zero. Table 1 shows the demand schedule for Elixir water.
On a graph, show the demand curve for Elixir water and Elixir Spring's marginal revenue curve. What are Elixir's profit-maximizing price, output, and economic profit?
What is the steady-state level of output per worker? Suppose that the economy is in steady state and that, in period t, the depreciation rate increases permanently from 0.10 to 0.20.
Do you need to know the income of the consumer to answer this question? Why or why not?
Many cultures use the idea of Santa Claus making a list of who is naughty/nice as a way to manage the behaviors of children (because those children on the "nice list" receive presents). Do you feel that this parental behavior is morally reasonable..
Sketch a family of stresss train curves corresponding to three different strain rates: very slow, moderate, and very fast. For each case determine E(0). Discuss the implications of results in practical applications.
an apple farmer can only produce in quantities of 1 100 200 300 400 or 500 bushels and has the following costsbushels
Discuss which members of society are likely to perceive the trend you are discussing from which perspective. For example, attending Justin Beiber's movie (or concert) could be understood in a number of different ways using these theories; which me..
Sometimes when one plots a set of data, it appears to be piecewise linear, causing one to ponder an explanation for the change in pattern at the corner(s).
Explain the factors that led to Mary's decision to become an independent contractor or employee.
An asset in the 5-yr. MACRS property class cost $100,000 and has no salvage value after six years of use. The asset will generate $300,000 in annual revenues and will require $100,000 in annual labor costs and $50,000 in annual materials costs.
interest rates and saving with constant elasticity of substitution utility. a country?srepresentative individual has a
the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal pro..
How do the effects of tariffs differ from the effects of quotas
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