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1. Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive.
2. "Even if a firm is losing money, it may be better to stay in business in the short run." Is this statement ever true? Under what condition(s)? How does this relate to the "shut-down rule?"
3. Strictly speaking, perfect competition is relatively rare. Then why study it?
Joseph Farms, Inc. is a small firm in the agricultural industry. They have asked you to help them complete the limited data they have gathered in an effort to enable effective decision-making. Explain the MC=MR Rule. Describe the market structures to..
By how much might the quantity of labor supplied decrease if the tax elasticity of supply were 0.20 and the marginal tax rate increased from 35 to 39 percent?
Delta Corporation has a bond issue outstanding with a semi-annual coupon with a nominal rate of 8% and 5 years remaining until maturity. The par value of the bond is $1,000. Determine the current value of the bond if present market conditions justify..
Suppose that you have estimated the following demand function for your firm. What is the profit-maximizing level of production? What is the profit-maximizing price at this output? What is the own price elasticity of demand at this level of output? Is..
Sales personnel for Skillings Distributors submit weekly reports listing the customer contacts made during the week. A sample of 65 weekly reports showed a sample mean of 18.5 customer contacts per week. The sample standard deviation was 5.8. Provide..
Illustrate what are some of the benefits also costs which contribute to your customer value from each of the subsequent products.
Suppose you could get an individual insurance to protect you against the unauthorized access to your laptop. The chance that someone will gain access to your machine is 0.10. In that case you will incur a loss of $200 (valuable information becomes av..
Would Americans be better off if they bought less from foreigners? Would employment in the United States increase if we restricted imports with higher trade barriers?
Given the following demand and supply curves: (a) Qd = -P+10 and (b) Qs = P. Calculate the inverse demand function (provide below) and graph the two lines. Calculate and label the Consumer Surplus and Producer Surplus in a perfectly competitive marke..
Illustrate what does the difference in the relative black-white wage ratios across regions indicate that Southern employers discriminated more than Northern employers.
A firm has a production function defined as y = 40L1/10K7/10. The firm faces costs of $10 wages, and $100 rental rate of capital. Find the cost function, and average total cost, average variable cost, and marginal cost functions.
the congressional research service estimates that at least $45 million of counterfeit u.s. $100 notes produced by the north Korean government are in circulation. Explain why do U.S. taxpayers lose because of north Korea's counterfeiting.
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