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Smith owns a tractor dealership and is the best sales representative of tractors in the United States. Her firm consistently earns a higher profit than any other tractor supplier in the United States. The tractor supply business is very competitive, yet Smith's dealership earns above-normal profits. Has the theory of perfect competition misled us in this case? Explain.
If a product has an income elasticity of 0.5 and income falls, what would happen to that good's share of the market?
Suppose that a firm's only variable input is labour. When the firm increases the quantity of labour employed from four to five, output rises by 2 units and total costs increase from $3,000 to $3,300.
1. What is the marginal physical product of the fifth worker? 2. What is the weekly wage of the fifth worker? 3. What does the price of output need to be in order for the firm to profit from hiring the fifth worker?
Evaluate the range of marginal revenues
Use the above data to answer the following questions-If the price of entertainment increases by 2 percent, what will happen to the quantity of food demanded? Please be specific
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
What is the expected value of the company in one year, with and without expansion? Would the company's stockholders be better off with or without expansion? Explain. What is the expected value of the company's debt in one year, with or without expa..
Airway Express has evening flight from Los Angeles to New York with average of 80 passengers and return flight the next afternoon with average of 50 passengers. Should the airline remain in business?
Using above demanded schedule, find out the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, by using average values, is 1/3 or 0...
Suppose that a firm is a perfectly competitive industry has the following total cost schedule: Compute a marginal cost and average cost schedule for this firm.
List four reasons why analyzing the economy is not as precise as the multiplier model makes it appear.
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
Assume that Florida migrant workers are effectively unionized. What will be the impact of unionization on?
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
Find the optimal level of inputs L* and K* that minimize the cost of producing Q0. What is the cost of production associated to L* and K*?
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