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A firm's marginal cost of production is constant at $5 per unit, and its fixed costs are $20. Draw its total, average variable and average costs. Marginal Cost (MC): $5 per unit Fixed Cost (FC): $20 Total Cost (TC): $25 Average Variable Cost (AVC): $5 FC is always going to be constant at $20; however, VC is the change in cost as an increase in cost of product to produce more.
Illustrate what is the difference between a movement along and shift of the demand curve. Show the impact on the equilibrium price and quantity that results.
Suppose the following output and labor hours for Russia and Germany in producing Wheat and Cloths.
Calculate real GDP in each year using 2010 as the base year. Present your results in a table by adding a column titled "Real GDP, blns" to the right of the above table. Calculate the percentage change in nominal GDP and real GDP (add two new colu..
Illustrate what happens if there is an raise in demand that increases the price of the firm's product by 10%.
Elucidate social media have a place in the business nation. How would you use social media to promote your business.
Compute mean, standard deviation & CV of sales. The demand for MICHTEC's products is related to the state of the economy.
Imagine two naton , Glacierland, and Swampland. Glacierland is producing everything at a lower absolute cost than Swampland. If the two countries trade what is the reason.
Calculate the multiplier and the level of equilibrium income and calculating the budget surplus
Consider a country where the velocity of money is constant. Real GDP grows by 3% per year, the money stock grows by 4% per year, and the nominal interest rate is 3%.Using the approximate Fisher Equation what is the real interest rate in the economy..
Why does lending short and long present a potential problem for banks and determine two effects that a government guarantee of financial institutions can have.
What is the income elasticity? Interpret the elasticity in a mathematic and economic context -- what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
Compute the ideas of the Classical economists with the ideas of John Maynard Keynes, and explain what kind of revolution the Keynesian revolution was.
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