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Bavarian Crystal Works designs moreover manufactures lead crystal wine decanters for export to international marketplaces. The production manager of Bavarian Crystal Works estimates total and marginal production costs to be TC = 10,000 + 40Q + 0.0025Q2 and MC = 40 + 0.005Q where costs are measured in U. S. dollars in addition to Q is the number of wine decanters produced annually. As Bavarian Crystal Works is only one for many crystal producers in the world market, it can wholesale as many of the decanters as it wishes for $50 apiece. Total and marginal revenue are
TR = 50Q and MR = 50 where revenues are measured in U. S. dollars as well as Q is yearly decanter manufacture.
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
Economic surplus could be increased at a higher price because firms would generate more revenue.
If the Federal Reserve adopts a restrictive monetary policy that leads to relatively high interest ratesin United States, what happens to the demand and supply of foreign currency and the dollar's exchange value.
All farmers in Trivialand are self - employed and sell all of their wares to Super Duper. Elucidate the costs incurred by all of Trivialand's busines.
Consider a product market for a normal good. Suppose consumers' income increases. Explain what will happen to labor demand for firms in that market.
The municipal swimming pool charges lower entrance fees to local residents than to non-residents. Conclude that non-residents must have for swimming at the pool than residents.
Oil and gasoline prices are a concern in the United States. Why does this economic problem exist from a supply and demand perspective, what can be done to improve resource allocations.
For every firm in group B , long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 10 and output is 6.
The university is seeking a grant to cover capital costs. How big of a grant would make this project worthwhile (to the university).
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
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