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Last year, a toy manufacturer introduced a new toy truck that was a huge success. The company invested $2.5 million for a plastic injection molding machine(which can be sold for $2.0 million) and $100,000 in plastic injection molds specifically for the toy (not valuable to anyone else). Labor and cost of materials necessary to make each truck is about $3. This year, a competitor has developed a similar toy that has significantly reduced demand for the toy truck. Now, the original manufacturer is deciding whether they should continue production of the toy truck. If the estimated demand is $100,000 trucks, what is the breakeven price for the toy truck? Should you shut down?
Describe the short-run impact that economic fluctuations and growth (or lack thereof) have had on aggregate supply, aggregate demand, output, unemployment, and inflation.
Is stability in the general level of prices through time important? Why or why not? Should price stability be the goal of monetary policy? Explain your responses.
disregard the portion of the supply curve that corresponds to prices where there is no output.
What is the external cost per unit of output?b. What level of output will be produced?c. What level of output should be produced to achieve economic efficiency?
llustrate what will be the equilibrium price also quantity in the market. Illustrate what is the total market profit also consumer surplus.
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
Are these kinds of policies easy to implement in practice? How has globalization of production affected our ability to control pollution?
explain how governments can contribute, or discourage long run growth through their policies and institutions.
Assume Fed expands money supply, however because public expect this Fed action, it simultaneously raises its expectation of cost level. Illustrate what will happen to output and cost level in short run.
Why do points on a utility possibility curve represent efficient allocations of resources? Why must the utility possibility curve be downward sloping
If Evren wishes to make 25 tons of donuts, how many bakers are required given the current level of capital? How much will it cost to produce this (total cost)?
Assume that health insurance begins to cover hip replacement surgeries that everyone interested in getting a hip replacement has health insurance.
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