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In a 4- to 5-page essay, address the following questions:
1. Give a brief summary of economic costs.
2. Presume a firm is operating at the minimum point of its short-run average total cost curve, so that marginal cost equals average total cost. Under what circumstances would it choose to alter the size of its plant? Describe.
3. In the short-run, why might a firm still operate even when there is a loss?
4. Presume a firm is producing 1,000 units of output (Q). Its average fixed costs are $50. Its average variable costs are $25. What is the total cost (TC) of producing 1,000 units of output (Q)? It the price (P) of the good is $100, what is total revenue? What is total profit?
1. suppose there are two consumers a and b.the utility functions of each consumer are given byuaxy xyubxy
Bertrand solution. How much each of the firms is producing and what is the resulting price and how much each of the firms is producing and what is the resulting price? What are the firms' profits?
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Compare and contrast John Bates Clark's marginal productivity theory of income distribution with Marx's distribution theory.
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rons window washing service is a small business that operates in the perfectly competitive residential window washing
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