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Consider a widget maker with an average variable cost curve, AVC = 20 + 4q, and fixed costs of $280. The market price is $100 per widget. (These are very fancy widgets!)
a. What is the firm's total cost function?
b. What is the firm's profit maximizing output level?
c. Is the firm profitable? If so, what are its profits?
Suppose the price of a widget falls to $60.
d. Now what is the firm’s total cost function?
e. What is the firm’s profit maximizing output level?
f. Should the firm stay in business?
Beef has a positive income elasticity in Algeria. What would happen in the Algerian beef market if an economic recovery increased incomes?
Marian, a top graduate from Loyola in Humanities, was hired by a major corporation into a management position. Marian finished the corporation's management training program top in her group, and is performing above the norm in her position.
q.a firm is using 30 units of labor and 20 units of capital to produce 4000 units of output. at this combination the
Compare and contrast the three different perspectives on sustainability.(weak substainability, Strong sustainability, ecological sustainability). What is your perspective and how would you classify it given the three general views of sustainability w..
Illustrate what are the arguments for using real per capita GNI to compare living standards between countries.
the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is the average total cost.
Iggy only consumes two goods: coffee and cigarettes. Three cigarettes can be traded for one cup of coffee in a free market, or one cup coffee can be traded for three cigarettes. Iggy initially has 12 cigarettes and 5 cups of coffees. Find an equation..
A certain cell phone sells for 2400 yuan in China and for $300 in the U.S. The nominal exchange rate is 6.5 yuan per dollar. Find the real exchange rate. Show your work. In terms of dollars where is the cell phone cheaper?
Suppose that two consumers care only about the goods that they own. (The goods are private for them.) Starting from a competitive equilibrium allocation, is it possible for both consumers to be made simultaneously better off by trading with each othe..
Suppose that the required reserve ratio for checking deposits us 10% and that banks do not hold any access reserves. If the Fed sells $1 million of government bonds, what is the effect on the economy’s money supply?
If an investment of $20,000 is worth $22,076 at the end of one year with quarterly compounding: What is the nominal interest rate per year(APR)? What is the effective interest rate per year (APY)?
Consider a market characterized by the following demand and supply curves: Qd = 1600- 20p and Qs = - 900 + 30p. Calculate the change in producer's surplus. Calculate the deadweight loss of the price ceiling.
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