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Mary's Fence Post Factory faces a perfectly elastic demand curve for fence posts at a price of $39 per post. Let Q represent the number of fence posts that Mary makes. Mary's total cost and marginal cost curves for making fence posts are:
TC = 4,000 + 3Q + 0.1Q^2
MC = 3 + 0.2Q
Graph Mary's marginal cost curve using the orange line (square points) and her marginal revenue curve using the blue line (circle points). Place a green point (triangle symbol) at the price and quantity at which Mary would maximize short-run profits.
The graph has a price of 0 -50 on the y-axis and quantity 0-200 for the x-axis.
Sun City, Arizona, a retirement community that features full service living arrangements, is planning two proposals to provide lawn care to elderly residents.
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
Based to the News, how much more did the average household spend on appliances, electronics, and furniture when it received the 2008 tax rebate?
Explain the law of diminishing marginal utility and Why are there so many more proprietorships than corporations, yet corporations account for so much more of the sales of business firms in the country?
Is the equilibrium real output also necessarily the full-employment real output and Sketch in the new aggregate demand curve as AD. What is the new equilibrium price level and level of real output?
Identify also describe three trade restrictions. In your opinion, which method of restricting trade is the most efficient.
Conventional telephones are frequently breaking down, and it takes months to get a new line installed. Firms are thinking of adopting new parallel wireless system offered by private firms,
Write a letter to the editor of your local paper either supporting or criticizing the proposed $500,000 subsidy.
Illustrate what will be the actual dollar change in revenue and does it rise or fall.
Identify and list all factors that impact the level of consumption. Select one factor of consumption and explain what would be the impact on the whole economy if that factor of consumption had declined.
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
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