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Suppose the graphs below (A−D) represent a typical perfectly competitive firm. State what is wrong with each of the graphs. a. What is wrong with graph A? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The average total cost curve is mislabeled as the average fixed cost curve. The profit-maximizing level of output is not labeled correctly. There is nothing wrong with the graph. The AFC curve should be flat. The demand curve should be downward-sloping. The MC curve should be downward-sloping. b. What is wrong with graph B? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The demand curve should be flat. The demand curve should be downward-sloping. The MC curve should be upward-sloping. There is nothing wrong with the graph. c. What is wrong with graph C? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The profit-maximizing level of output is not labeled correctly. The ATC curve should be below the AVC curve. The demand curve should be flat. The MC curve should be downward-sloping. The MC curve should go through the minimum point of the ATC curve. There is nothing wrong with the graph. d. What is wrong with graph D? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The AVC curve should be below the ATC curve. The MC curve should be downward-sloping. The demand curve should be downward-sloping. There is nothing wrong with the graph.
Assume that an economy is characterized by the following equations: C = 100 + (2/3)(Y – T) T = 600 G = 500 I = 800 – (50/3)r Ms/P = Md/P = 0.5Y – 50r. Write the numerical aggregate demand curve for this economy, expressing Y as a function of G, T, an..
Agile project management was originally developed to do software development. Could a traditional process be successfully used to develop a new software program? Why or why not? Could an Agile methodology be used to build a strip mall in your home to..
How do the concepts of adverse selection and moral hazards affect financial and labor markets? Which of these effects is the most significant? Why? What are the most significant effects of these concepts on organizations and individuals? Why?
Explain the key differences between viruses and other malicious codes. Identify at least three (3) different types of viruses, and describe the main differences between each one. Next, explain both the potential threat posed by viruses and other mali..
An increase in the price of a good leads to. The consumption bundle that maximizes utility for a consumer is the bundle that. When the price of a good changes, ______ influence(s) the change in consumption. The ______ is the change in consumption cau..
Suppose the price elasticity of demand for farm products is inelastic. If the federal government wants to follow a policy of increasing income for farmers, what type of programs will the government enact?
An increase in autonomous investment will cause equilibrium output to increase
Elucidate that contract align the incentives of the new vice president with the goals of the owners.
In the specific factors model predict who seeks protection against trade and who does not. Explain your answer. How does your answer change in the Hecksher-Ohlin model? Explain
Oranges are the only good produced in the US and Spain. 1 ton of oranges cost $310 in the US, and 200 Euros in Spain. The nominal exchange rate is $1.55 per euro. Calculate the real exchange rate (E) from the US's perspective. Intuitively, what does ..
How should immigration law be reformed? Does the United States have any ethical duties to undocumented (illegal) aliens who come here to work? How can the law be fair and balance the rights of immigrants, their families, the companies that employ the..
Describe a specific tariff, an ad valorem tariff, and a compound tariff. What are the advantages and disadvantages of each?
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