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For a firm in a perfectly competitive market that faces a market price of $5/unit for its output, draw a diagram showing a U-shaped long run Average Cost curve and the related Marginal Cost curve so that, in the situation you show, the firm is experiencing zero profits. In this situation where it's producing, does the firm have increasing returns to scale, constant returns to scale, or decreasing returns to scale?
Indicate your understanding of the current state of the economy by reporting whether you believe we are in a recession, a trough, in a recovery, or at a peak of the business cycle given a comparison of current and historical levels of real GDP.
Determine the long-run marginal cost function for electricity generation and determine the short-run average variable cost and marginal cost at the output level in Part (d)
In order to expel a foreign diplomat, that individual must be declared____.Internationally, what is the name of the commercial code that governs many international commercial transactions concerning the purchase or sale of goods?
Draw a budget constraint and an indifference curve for an individual who works in period one and is retired (earns no income) in period two. He consumes some of his income in period 1 and saves the rest of his income for period 2.
Is there a BOP equilibrium or a BOP deficit/surplus.What is the equilibrium level of GDP and the interest rate.
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
Suppose you are studying the market for shoes. Two events take place simultaneously. First, price of leather decreases, and second, consumers' income increases. What will happen to the equilibrium price and equilibrium quantity of shoes
1.Government policymakers may be elected politicians or appointed experts. Describe some of the specific decisions made by policymakers that affect you personally 2. Discuss the motivation of policymakers. Are they held accountable by voters
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. The equilibrium price is: a $35. b $40. c $50. d $60.
Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
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