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Calculate Economic profit:
Suppose a monopolistically competitive firm is facing the following demand and cost information.
a. If the firm is a profit maximizer, how many units of output should the firm produce? How did you find this number? Explain.
b. What price should the firm charge? Why? Explain.
c. What is the amount of economic profit (or economic loss) earned (or incurred) by the firm?
d. What do you predict will happen in the long-run? Why? 2. Your friend Mike owns a coffee shop in a town with many competing coffee shops in a monopolistically competitive industry. One day Mike tells you (a trained economist) that he is earning an economic profit and is currently setting his price equal to his marginal cost. Is Mike producing the profit-maximizing amount of coffee? If not, what should he do? Explain. What will be effect of that proposed course of action? 3. Your friend Alberta is the owner of a boutique clothing store in a monopolistically competitive clothing market, so Alberta's store has some degree of market power. Assume further that the market is in long-run equilibrium. Over coffee, Alberta tells you that she is considering raising the price of her clothing to increase her profits. What is your advice?
Consider two individuals with endowments of 60 hours per week of leisure, nonlabour income of $Y per week, and a wage of $7.50. At this wage assume that workers are constrained by
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Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup. - Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to sp
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1. Calculate the profitability index for a project that has a net present value equal to -$10,000. The project's net investment is $20,000. 2. A project requires a net investmen
hello, i have got my answer, but i don''t know the PART C why doesn''t calculate "working capital: 60000"?????? can not find match number in the solution table
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