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The AAA Aquarium Co. sells aquariums for $20 each. Fixed costs of production are $20. The total variable costs are $20 for one aquarium, $25 for two units, $35 for three units, $50 for four units, and $80 for five units. In the form of a table, calculate total revenue, marginal revenue, total cost, and marginal cost for each output level (one to five units). What is the profit-maximizing quantity of output? (Taylor & Greenlaw, 2014, p. 203)
Suppose that the current (first) generation consists of 2 million people, half of whom are women. Assume the total fertility rate is 1.2 and the only way people die is of old age. Instructions: How big will the fourth generation (the great-grandchild..
The makers of Tylenol pain reliever do a lot of advertising and have loyal customers. In contrast, the makers of generic acetaminophen do no advertising, and their customers shop only for the lowest price. Assume that the marginal costs of Tylenol
Kelli likes to bake cookies and doesn't care whether she uses corn or safflower oil in her recipes. To her, they provide the same function and the same taste in her cakes and cookies. What do Kelli's indifference curves look like for corn oil and saf..
Describe at least TWO of the positives and TWO of the negatives associated with drilling in North Africa and Southwest Asia. They are relying on petroleum production as their primary economic activity.
The measured union wage differential will most likely understate the true amount by which unions are able to raise hourly compensation if which one of the following is not controlled for?
Draw the complete consumption-leisure model. Be sure to label completely and correctly. Find the optimal consumption bundle.
Which of the following are reasons that the aggregate demand curve slopes downward? Check all that apply.
Under the Japanese health system, prices of health care services
Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended warranty at 2% of the product price? Discuss both mor..
Consider two hypothetical countries. In Country A, 20 percent of the labor force is unemployed for half the year and employed for the other half; the remaining 80 percent of the labor force is never unemployed. Discuss which of these countries seems ..
What is MPL, MPK, APL, APK? How much labor and capital would be required to minimize the cost of producing 200 widgets? What is the total cost producing 200 widgets?
How has the educational system affected the quality of our labor force? Explain the Malthusian theory of population. Is it relevant today anywhere in the world? Explain where and why. How does the American savings rate compare to that of other leadin..
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