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Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000. What is the firm's total variable costs?
q. 1. suggest how an economist would approach the problem of alcohol abuse. provide two possible solutions to this
Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. The effect of government regulation on a monopolist's production decisions.
Ronald Coase used the example of a farmer and railroad tracks to explain bargaining. Sparks from trains running on tracks near farmland have the potential to set off fires in the fields. Consider the case where the law stipulated that railroads could..
Participate in a discussion with your classmates regarding where you see the U.S. economy in its business cycle right now, as based on the economic concepts in the textbook. Review the “EYE on Your Life” caption titled, Using the AS-AD Model, on page..
A country purchases $3 billion of foreign-produced goods as services and sells $2 billion dollars of domestically produced goods and services of foreign countries. it has?
What is meant by the "social construction of categories"? In what ways are concepts such as gender, race, sexual orientation, social class, and exceptionality social categories?
Bill’s demand for hamburgers (a private good) is Q = 21 − 6P and Ted’s demand is Q = 6 − 3P. Write down an equation for market demand for hamburgers. Now suppose that hamburgers are a public good. Write down an equation for the social marginal benefi..
To the extent that wage levels are NOT consistent with marginal productivity theroy, it is most like due to:
Rex Hofer has determined that demand for his product is given by Q = 180 - 5P and a cost equation given by C = 75 + .3Q. Determine the optimal price and quantity for the firm. Suppose that costs change to C = 25 + .4Q. Determine the new optimal price..
As the owner of Beanie Bob's Basement Brewery, you are interested in a construction project to increase production to offset competition
Assume the economy has a Cobb-Douglas production and is in a steady state. Calculate the technology growth rate for this economy. What is a the marginal product of capital for this economy
What is the present worth of the savings over the next 5 years? Ten years? The interest rate is 10%.
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