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Suppose that a perfectly competitive firm faces a market price of $7 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curveat an output level of 1,400 units. If the firms produces 1,400 units, it's average variable costs equal $6.50 per unit, and its average fixed costs equal $0.80 per unit.
What is the firm's maximizing (or loss-minimizing output level?
What is the amount of its economic profits (or losses) at this output level?
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
What is the maximum technical efficiency output level for this firm ? On the diagram above, AVERAGE FIXED COST is the LOWEST at .what Quantity ? On the diagram above, AVERAGE VARIABLE is the HIGHEST at. what Quantity ?
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In an effort to stop the migration of many of the automobile manufacturing facilities from the Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers. Effecively, this wou..
To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output and the success of Red Bull leads more firms to begin producing energy drinks.
Describe and explain EIA's forecast for the price of gasoline, coal and natural gas. Identify the factors that are affecting the forecast. Discuss specifically the impact of shifts in supply, shifts in demand, and examples of substitutions
Compared to a monopolist competitor, a monopolist faces...
If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation? What is the "rule of 70"? How long would it take for the price level to double if inflation persisted at (a) 2, (b) 5, and (c) 10 percent per year?
what are the basic objectives of monetary policy? comment on the cause-effect chain through which monetary policy is
the market basket for an imaginary consumer is given below as are the prices over the course of three
make a recommendation for policy action that should be undertaken at the next federal open market committee meeting.1.
An increase in wealth would shift the:
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