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Assume that a purely competitive firm is selling 2000 television sets a day at a cost of $90,000. Assume that if the firm sells 1600 units per day, its total cost would be be $60,000, and if it sold 1000 units perday, it would have a total cost of $55,000.
1. Calculate the average total cost at these different sales levels. 2. Assuming that the cost structure for every firm in the industry is identical, do you think that the industry could be in long-run equilibrium? 3. If the industry is perfectly competitive, what would be the long-run equilibrium market price? 4. If your answer to c is the market price and every firm in the industry is earning a normal profit of 15 percent, calculate what that profit would be.
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. Who has the comparative advantage in the production of shirts? What about for computers?
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Able Plastics, an injection-molding firm, has negotiated a contract with a national chain of department stores. Plastic pencil boxes are to be produced for a 2-year period. Able Plastics has never produced the item before and requires all new dies. I..
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Other things equal, investment spending will increase when:
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An article in the Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the chain owns and manages itself. Why would Marriott w..
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