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Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is $5,000.
a. What is marginal cost?
b. What is average variable cost?
c. How much output is being produced?
d. What is the average total cost?
e. Is average variable cost increasing, constant, or decreasing?
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
Suppose you are in charge of setting the price for commercial advertisements shown during Enemies, a top network television show. There is a 60 minute slot? For the show. However, the running time for the show itself is only 30 minutes?
smart university of lafayette indiana is a c.e.d. division of smart university located in gary indiana. sus goal is to
Assume that the marginal utility of good A is 4 times the marginal utility of good B, However the price of good A is only 2 times the price of good B. Is this point consumer equilibrium? If not, what will occur?
Normal 0 false false false EN-US X-NONE X-NONE Calculate total cost and explain the relationship between average total cost and marginal cost. Discuss how revenues and costs affect the profit-maximizing levels of out..
Now suppose the government decides to subsidize the production of sugar (regardless of who it is sold to). The government wants to achieve the same increase in domestic production as in part d). What should be the amount of such production subsidy..
define performance appraisal and explain the areas in which performance data and information are used for making
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
Social Security benefits are increased each year in proportion to the increase in CPI, even though most economists believe that the CPI overstates actual inflation. If the elderly consume the same market basket as other people.
question 1consider a market with the following supply qs and demand qd curvesqd 200-2pqs25at the market equilibrium
in a competitive market the market demand is qd 400 - 5p and the market supply is qs 10p - 80. a price ceiling of 32
Compare and contrast perfect competition and oligopoly.
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