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Suppose that a competitive firm"s marginal cost of producing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm"s product is $9.
a. What level of output will the firm produce?
b. What is the firm"s producer surplus?
c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm"s fixed costs are known to be $3. Will the firm be earning a positive, negative, or zero profit in the short run?
Draw a graph to analyse the effects of 40 per cent tariff rate in Korea on the price, domestic supply of and demand for beef, and compare the situation with no tariff case.
Suppose the City Council conducts an extensive review and finds that the information provided by the Executive Director of the MTA is more accurate. What action should the City Council take on bus fares and why?
What is statistical discrimination and why does it occur, Provide an example of statistical dis-eliminations. Is statistical dionimination likely to persist overtime or will it eventuly disappear. Explain
Suppose that a labor economist claims that recipients of economics PhDs gain little in terms of acquired productive skills from their graduate studies, but instead, the degree simply reflects a high level of inherent mathematical ability. Which on..
The Marginal product of labor in production process is statistically estimated as MPL=10(K/L)^0.5 Currently the process is using 100 units of K and 121 units of L
Write your paper in the style of an academic journal article. The in-class readings, as well as articles published in The Rand Journal,
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What is the most effective way of decreasing the quantity of drugs consumed
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
What shape did the short-run aggregate supply curve have during the 1930s, according to Keynes? Explain
The Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $5. After a consumer accrues 10 stamps, she receives one dozen bagels free.
Dr. Susie Wang is president of a subsidiary of the world's largest concrete machine manufacturer (REESE, Inc.). Her job is to organize and operate a newly formed global business consulting company (Concrete Network Services, i.e., CNS)
Simply state the short run shut down rule as stated in the book and apply it using the numbers given. Be sure to show your work to support the decision you outline in your report. uses 50,000 workers to produce 200,000 units of output per day. The d..
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