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The following table depicts the daily output, price, and costs of a monopoly dry cleaner located near the campus of a remote college town. (See page 540.) Output (suits cleaned) Price per Suit ($) Total Costs ($) 0 8.00 3.00 1 7.50 6.00 2 7 .00 8.50 3 6.50 10.50 4 6.00 11.50 5 5.50 13.50 6 5.00 16.00 7 4.50 19.00 8 4.00 24.00 1. Compute revenues and profits at each output rate. 2.What is the profit-maximizing rate of output? 3.Calculate the dry cleaner’s marginal revenue and marginal cost at each output level. What is the profit-maximizing level of output
Draw the budget line on the Edgeworth box through the endowment point. What is the equilibrium allocation?
A piece of research equipment is expected to require an investment of $18,000, with $6,000 committed now and next year $7000 while the remaining $6K will be pay out at the end of year 2. Annual operating costs for the system are expected to start in ..
The Circular Flow diagram is model of how the economy works. Explain how the model would change if the following events ocurred:Households increase savings.
A large firm has two divisions: an upstream division that is a monopoly supplier of an input whose only market is the downstream division that produces the final output. To produce one unit of the final output, the downstream division requires one un..
Increasingly, employees are being allowed to choose benefit packages from a menu of items. For instance, workers may be given a package of benefits that includes basic and optional items. How do you think flexible benefit packages would affect an emp..
Explain why Kant was a "deontological ethicist" and his problems with the difficulty of teleological or consequential ethics, explaining in depth and in detail: Kant's Categorical Imperative giving focus to Kant's intention with the term "Categorical..
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 U.S. Commercial Service prepares reports known as the Country Commercial Guide for countries of interest to U.S. investors. Utilize the Country Commercial Guide for Brazil to gather information on this country's energy and mining industry. Consid..
Allison lives and banks in Texas. The reserve requirement is 20%. If Allison buys government bonds from the Federal Reserve for $1,000,000, will the money supply likely rise, fall, or not change? calculate the maximum change in the money supply from ..
q.a local restaurateur who had been running a profitable business for many years recently purchased a three-way liquor
consider an individual earning 1000 per month who also receives 100 per month in food stamps they can only be exchanged
Give two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
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