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What is the profit maximizing rule for firms? Explain why it makes sense. For a purely competitive firm, price equals marginal revenue. What is the profit maximizing rule for purely competitive firms? Can you see why, if price is set by the market, and the firm's marginal cost curve slopes up as a function of quantity, this rule tells the firm which quantity to produce in order to maximize profits?
What is the shutdown rule for a perfectly competitive firm? Can you think of a situation where a firm loses money but it still makes sense for it to continue operating?
Compute the expected market price. Show calculations please. How many units should you produce to maximize expected profits? What is your expected profit or loss? Again, show work.
Apply the concept of price elasticity to a purchasing decision you made within the past year. Give an example on how the elasticity of demand helped you determine whether a product or service was a luxury to have or a necessity.
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
1. Explain why you agree or disagree that Americans seem willing to sell their own privacy cheaply while simultaneously craving private information about one another. 2. Describe what role you think technology has played in these trends towards pri..
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
Give at least three reasons and examples when addressing this question, using your text, the Online Library, and the Internet as resources. Identify an event that would shift the AD curve and which direction the AD curve will shift.
Assume that the two firms behave as Cournot Duopolists. Explaining the concept of best response or Creaction function, determine the best response function for each firm. Calculate the profit maximizing output of each firm and the market price.
Can you identify factors that led to our country's trade deficit? Do you believe our country has developed a great dependency upon foreign goods and natural resources in which manufacturing and production have been hindered domestically as a resul..
How much will each firm produce and what is the shut-down price for the firm - What is the largest quantity the firm can produce where the cost minimizing choice is to produce everything with production process 1?
Histories of the following MNEs/industries, from their beginings to the present day, such Fedex, Amazon, NYSE (New York Stock Exchange), Pharamaceutical Industry, General Electiric, Lenovo. Compare and contrast the history of at least two of these..
The costs of manufacturing steel declined substantially from building a conventional hot rolled steel mill down to new mini mill technology that need only scrap metal,
What is the economic term for productive resources that provide a means for society to produce and distribute its goods.
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