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Graphically demonstrate the quantity and price of a perfectly competitive firm.
a. Why is a slightly larger quantity not preferred?
b. Why is a slightly lower quantity not preferred?
c. Label the shutdown point in your diagram.
d. You have just discovered that shutting down means that you would lose your land zoning permit, which is required to start operating again. How does that change your answer to c?
Is this new demand curve more or less elastic than the original at the equilibrium?
Repeat (a) for T = 400 K assuming for simplicity that mobility does not change with temperature. (This is not a good assumption.)
Suppose that Tommy Hilfiger's marginal cost of a jacket is $100 and at one of the firm's shops, total fixed cost is $ 2000 a day. The profit-maximizing number of jackets sold in this shop is 20 a day. Then the shops nearby start to advertise their..
A mega agricultural operation is considering the purchase of a new tractor. 1. Which tractor is better using the Net Present Worth (NPW) method 2. Which tractor is better using the Internal Rate of Return (IRR) method
quantitynbspnbspnbspnbspnbspnbspnbspnbspnbsp total revenuenbspnbsp
Assume that the long-run aggregate supply curve is vertical at Y = 5,000 while the short-run aggregate supply curve is horizontal at P = $1. The aggregate demand curve is Y = 2(M/P) and M = $7,500. a) Find the current short-run equilibrium values o..
1. for the each of the following functions 1 find a function for an indifference curve that delivers uu? units of total
You're playing Dungeons and Dragons, an old-school pen-and-paper role playing game. The game uses an 8-sided die, with the numbers 1-8 on each face. The probability of rolling each number is 1/8. What is the variance of one throw of the die
Draw the circular flow diagram linking households, business firms, and the international sector. Use the diagram to explain the effects of a decision by the household sector to increase saving
Suppose that the reserve requirement is 3 percent on the first $30 million of checkable deposits and 10 percent on checkable deposits in excess of $30 million. (Amounts on the balance sheet are in millions of dollars.) Assets Reserves $15.90 Loans..
demonstrate a seeming peculiarity about mixed strategy Nash equilibria. Consider the following game between the Chicago Bears' oense and the Detroit Lions' defense. Payos are the number of yards advanced (positive yards for Chicago are negative ya..
If perfectly competitive firm chooses its level of output so that the price equals marginal revenue, the value of the marginal product of labor will equal the wage rate. True or false?
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