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1. When a firm is in equilibrium , it is maximizing its profits, and can't make bigger profits by altering the price and output level for its product or service. How do we call this state?
2. The minimum return required to keep an entrepreneur in a particular line of production is called?
3. Since there is freedom of entry into the industry the surplus profits will attract new firms into the industry. what happens to both the supply quantity and the selling price?
Is the GDP measure underestimating or overestimating national production and total income in the economy? Why? What are the impacts of the shortcomings of the GDP as a measure of the national product and national welfare.
The problem is explains about non-market housing and how it is delivered in the UK or any other country. This type of housing is not a direct or regular real estate market.
In a short run, a firm’s total costs of producing the hundredth unit of output equals $10,000. If it produces one more unit, its total cost will increase to $10,150.
Elucidate the difference between economic profits and accounting profits. Using the concepts of relative elasticity and relative inelasticity, explain price elasticity of demand.
The interest rate is tied to the economy. Based on your opinion, will the economy grow or recede for the rest of 2011 and 2012? Will the pace of growth (or recession) fast or slow? The current interest rate is very low. Do you think the interest rate..
State an economic product for which the demand rises faster than income when income grows.
Why would you expect the inflation rate to accelerate if the actual unemployment rate declined to a level lower than the "full employment" unemployment rate (NAIRU) and remained at that low level for a year or longer? Explain your answer in a few ..
What will be the hours of work in the hospital and in the clinic to maximize income? What will be the income earned by the physician per day? Show your work.
Utlizing the aggregate demand and aggregate supply model, draw an economy in a boom.
The Kinked demand curve in an oligoolistic market is represented by the following:P = 100- Q and P = 120-2*Q
Bill Gates, the CEO of Microsoft, testified before Congress that he could not employ enough highly skilled computer engineers.- What effect does this have on the supply and/or demand curves?
Describe free trade harm the environment. Environmentalists argue that trade liberalization harms the environment.
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