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A monopolistically competitive firm produces a level of output at which price equals $80, marginal revenue equals $40, average total cost equals $100, marginal cost equals $40, and average fixed costs equals $10. To maximize profit, the firm should produce a smaller output and sell it at a higher price.
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen. Show their argument using the AS/AD mo..
On a diagram, draw the marginal cost curves for the two factories, the average and marginal revenue curves, and the total marginal cost curve (i.e., the marginal cost of producing Q = Q1 + Q2). Indicate the profit-maximizing output for each factor..
Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers during period t. You are also given the following information about the regre..
The Largo Publishing House uses 400 printers (workers) and 200 printing presses to produce books. A printer's wage rate is $20 per hour and the price per hour of a printing press is $5,000. The last printer hired added 20 books (per hour) to total..
The company interest rate (MARR) is 15%. The company will make a down payment of 25% of the first cost for the Pick-M-Up and 15% of the first cost for Carter's. The loan will have an annual effective interest rate of 10% with annual payments.
A company is considering replacing its fleet of delivery vans and has a choice between gasoline and diesel powered vehicles. The gasoline powered truck has an initial cost of $34000 and a fuel economy of 9 MPG. The diesel powered model has an init..
Suppose that work hours in New Zombie are 300 in year 1 and productivity is $14 per hour worked. What is New Zombie's real GDP If work hours increase to 320 in year 2 and productivity rises to $16 per hour, what is New Zombie's rate of economic growt..
An ice cream vendor sells three flavors: chocolate, strawberry, and vanilla. 45% of the sales are chocolate, while 30% are strawberry, with the rest vanilla flavored.
Consider the following data on the asset: Cost of the asset, I = $100,000 Useful life, N = 5 years Salvage value, S = $10,000 a. Compute the annual depreciation allowances and the resulting book values
Calculate the price elasticity of demand in summer for transit services and the cross-price elasticity of demand for transit with respect to the level of business activity.
In 1970 and 1980, the nominal price of motor fuel rose much more rapidly than the general price level, pushing up the relative price of motor fuel. As we would expect, the quantity sold decreased. In 1981 and 1982, the relative price leveled off a..
There are six equally productive individuals on the island. Each person can gather 25 coconuts in one day or build one hut in a day. a) Draw the production possibilities frontier of the trade off between coconuts and huts.
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