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Gail Works in a flower shop,where she produces 10 floral arrangements per hour.She is paid $15 an hour for the first eight hours she Works and $20 an hour for each additional hour she Works. What is the firm's cost function? What are its AC, AVC and MC functions? Draw the AC,AVC and MC curves?
The marginal value schedule for Moe and the marginal cost schedule for Larry for apples are shown below. Find a single price that all mutually preferred trades can occur. What are the gains from trade?
You have decided to use a credit card to purchase a new television. What is the immediate consequence of this purchase?
Based on Figure 1 (which summarizes the demand, marginal revenue, and relevant costs for your product), determine your firm's optimal price, output, and the resulting profits for each of the following scenarios:
Consider the Cournot duopolists firm 1 and firm 2. They produce homogeneous products and simultaneously choose quantities q1 and q2, respectively. Each firm is trying to maximize his own profit. From firm 1’s profit maximization, derive firm 1’s best..
Define adverse selection in a general way and then provide a more specific definition of adverse selection in an insurance market and explain how adverse selection manifests itself and becomes a problem in insurance markets.
How are resources allocated in market and centrally planned economies?
If the last dollar spent on capital generated $1.05 in return while the last dollar spent on labor generated $0.99 in return, then in the long-run the firm should
One of the concerns about Walmart's entry into the grocery business in the latter part of the 1990s was that it would set low prices, drive little stores out of business, and then raise prices to monopoly levels when it had no competition. That hasn'..
Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama. This is an example of foreign investment in the United States. Which of the following policies are consistent with the goal of increasing productivity ..
Suppose a (very small) country has a central bank who has issued 100m of money, where nominal output is 350m annually. How frequently is the average piece of money used? 2. Give two realistic occurrences that might drive changes in the velocity of mo..
Consider a market where supply and demand are given by QXS = -18 + PX and QXd = 90 - 2PX. Suppose the government imposes a price floor of $41, and agrees to purchase any and all units consumers do not buy at the floor price of $41 per unit.
Explain how wages are related to opportunity costs, both from an employee and employer perspective.
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