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With the following data, calculate the firm's AVC and MVC and draw the graphs for TVC, AVC and MVC. Why is MVC the same as MC
Quantity Total Variable Cost
1 40000
2 80000
3 120000
4 176000
5 240000
6 360000
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
The market demand is given by Q=320-8P. Monopolist's MC=10. a. Calculate the profit maximizing monopoly output and price. b. What is the Lerner-Index of market power for this monopoly
How does the total effect of this $20 billion tax cut compare to the total effect of a $20 billion increase in government purchases? Why?
If the severity of business cycles were reduced, what would be the effect on each of the four types of unemployment and on theunemployment rate as a whole? The four types of unemployment are frictional,structural, cyclical, and full unemployment.
Calculate the real GDP in every year, assuming that the nominal GDP was $559 billion in the base year, $577 billion in year one, and $605 billion in year two,
Illustrate what is mean by "neutrality" or "superneutrality" of money. Give examples and discuss when they are likely.
There are 300 purely competetive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $24 for every $300 invested
Explain how might the international monetary system be reorganised to rely less on the US dollar.
Illustrate percent have prices increased over the past thirty years. What average annual inflation rate would have resulted in this answer.
Pick a real-life rm that bundles products in some way. Describe how this pricing function is a form of price discrimination; in other words, why do some consumers effectively "pay more" for a particular product than other consumers do? Why is it a..
Suppose a firm has total cost function given by TC(Q)=10Q+70. What are its marginal costs when producing 10 units of output?
Suppose Congress (in an attempt to stimulate the economy in both the short and long run) passes an investment-tax credit, which subsidizes domestic investment. How will this policy affect (comparing the state of the economy prior to the enactment o..
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