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Q1.
1. What is the difference between accounting profit and economic profit? How could a firm earn positive accounting profit but negative economic profit?
2. Why is the marginal revenue of a perfectly competitive firm equal to the market price? Q2.
1. Would a perfectly competitive firm produce if price were less than the minimum level of average variable cost? Would it produce if price were less than the minimum level of short-run average cost?
2. What is the shutdown price when all fixed costs are sunk? What is the shutdown price when all fixed costs are nonsunk? Q3.
How does the price elasticity of supply affect changes in the short-run equilibrium price that results from an exogenous shift in the market demand curve?
Calculate the net private benefits of the project to the foreign-owned company, as a net present value and calculate the net social benefits of the project from the viewpoint of the Australian economy, with the same criterion.
What is the threshold number of insurance companies the number at which each insurance company will be indifferent about providing free LoJack systems?
Would the R2 and the adjusted R2 for model (2) be larger than that for model (1)?
Would you expect these answers to be the same?
Consider Romer's model of endogenous growth. a). Suppose first that the production function is as follows: where f = 0.1 and f = 0. Using the equation in the text, what will be the growth rate of per capita income. what will be the growth rate of per..
A Man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation rate will be 5% compounded annually. What deposit must be made..
How might a deposit-refund system be designed to provide incentives to dispose of hazardous materials in approved ways?
Finally-and this is a stretch question-if you were a monopolist facing a downsloping demand curve, which portion of the curve would you strive never to be in In other words, you can choose any price and output combination you want.
When the price of insulin was $10 consumers demanded 100 units, when the price was $15 consumers demanded 100 units, and when the price was $20 consumers demanded 100 units. Based on this information, insulin must have a(n) demand curve.
What is the consumption level of the consumer in such a case? Provide an interpretation of this possibility.
Calculate and print out the balance due, principal payment, and interest payment for each period of a used-car loan. The nominal interest is 12% per year, compounded monthly. Payments are made monthly for 3 years. The original loan is for $11,000.
Consider a monopolistically competitive -market with N firms. Each firm's business opportunities are described by the following equations: Demand: = - Marginal Revenue: = - 2 Total Cost: = 50 + Marginal Cost: = 2
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