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Answer the next question on the basis of the following cost data for a purely competitive seller: Total Product TFC TVC 0 $50 $0 1 50 70 2 50 120 3 50 150 4 50 220 5 50 300 6 50 390 Refer to the above data. If the product price is $105, at its optimal output will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make
If the price-taking firm was earning zero economic profits before the dynamic efficiency, will the level of profits change after? If so, show the extent of the change.
Second, it will not reduce benets for the rst $3,000 earned by the workers. After this, it will reduce benets at a reduction rate of 50%. Draw the budget constraint facing
What will the new Lerner Index be after some time with the new demand curve and market price of 30? What firms survive the new demand curve in the industry and why?
How do automatic stabilizers affect budget deficits and surpluses? How would automatic stabilizers be affected by an annually balanced budget rule? Why do automatic stabiliz
Interview a small business owner and ask him or her about both the positive and the negative role of government in their business. Write a 2 page summary of your interview and
Aside from retail sales and marketing, identify and discuss two ways that a business could reduce costs or increase profits by using the Internet or Web applications.
Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the
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