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1. Which of the following is true for perfect competition but not true for monopolistic competition and monopoly?a. MC = MR.b. P = MC.c. Positive long run profits.d. Both b and c.
2. Profit margin equals:a. marginal cost minus marginal revenue.b. average cost minus average revenue.c. average cost minus average variable cost.d. price minus cost.
3. If a firm charges a price of $10 for a product with a marginal cost of $4, the markup on cost equals:a. 67%b. 33%c. 150%d. 50%
4. When Ep = - 2, the optimal markup on cost is:a. 33%b. 67%c. 100%d. 200%
5. If the optimal markup on cost is 40%, the optimal markup on price is:a. 15%b. 28%c. 45%d. 60%
In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy procurement plan.
Determine which country has absolute advantage in production of tanks and explain why is it this country?
You have been hired by the government to reduce carbon emissions. As well, you need to "sell" the plan to the public. Choose whatever policy you think best matches the goals of the political party you work for. Write a short newspaper advertisemen..
Many economists think that we are in the very early stages of putting computer technology to work and that full incorporation of computers will cause a massive restructuring of virtually every institution of modern life. If they are right, what ar..
Calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?
Which of the following statements about the distribution of physicians among specialties is true in the United States?a) The majority of physicians specialize in general/family practice b)There are twice as many generalists as there are specialists
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
State the commodity in which each country has absolute advantage amd identify the commodity of comparative advantage for each country
Draw a graph to analyse the effects of 40 per cent tariff rate in Korea on the price, domestic supply of and demand for beef, and compare the situation with no tariff case.
Explain briefly how each of the variables affects the value of an MLB franchise (i.e., use the variable definitions above to interpret, in words, the coefficient estimates with regard to each variable).
Formulate a linear programming model for this problem and prepare the initial tableau if the problem is to be solved using simplex
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