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explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. why does the productivity standard typically fail to yield an equal distribution of income?
Which of the following is true about profit maximization for a perfectly competitive firm A)Firms continue to increase prices to gain higher profits B)A firm maximizes profit differently in the short run and the long run C)Firms can lower prices to g..
What happens to consumer surplus and what happens t o the economic profits earned by Widget Corp.?
In your own words, describe the law of demand through the income and substitution effects, using a price increase as a point of departure for your discussion.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Which of the following is true for perfect competition but not true for monopolistic competition and monopoly. a. MC = MR. b. P = MC. c. Positive long run profits. d. Both b and c.2. Profit margin equals: a. marginal cost minus marginal revenue. b. a..
The table given below are the demand and supply schedules for television sets in Venezuela, a small country that is unable to affect world prices.
Briefly explain whether you agree with the following statement: "If at the current quantity marginal benefit is greater than marginal cost, there will be a deadweight loss in the market.
marginal revenue exceeds marginal cost, marginal cost exceeds marginal revenue, total cost exceeds total revenue.
Suppose you suddenly realize that your demand estimates might have some uncertainty in them. How might you change value of surplus you give to the customers because of this?
Find an expression for average costs (AC) and average variable costs (AVC). Graph them together with marginal costs and find the firm's short run supply curve. Is the whole curve relevant to the long run?
What do you see as the basic values that underlie this approach to solving the access to care problem? Do these values align with specific political perspectives?
1. Inclusive property rights provide an investor: 2. Lawyer Ayres and economist Levitt considered the net benefits of installing a LoJack from the society's standpoint positive, because the annual installation and service charges on this equipment..
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