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In the market for soccer balls are selling in a purely competitive market. A firm in the soccer ball market has an output of 5,000 balls, which it sells for $10 each. At the output level of 5,000 the average variable cost is $6.00, the average total cost is $7.50, and the marginal cost is $10.00. What would you expect the firm to do in the short run? The market in the long run?
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
Illustrate what role does Macroeconomics play in your personal financial decisions and that of your place of work or firm you are familiar with.
Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that she would not be willing to work for anything less than $50,000. Her decision is based on
Consider the following distribution of income in a 12 person economy, with the modern urban wage=3, the traditional rural income=1 and the informal urban wage = 2: (1,2,3,1,2,3,1,2,31,2,1). the poverty line is at 1.3. What is the level of absolute po..
If the marginal product of the 4th worker hired is 6, and the marginal product of the 5th worker hired is 4, you should not hire the 5th worker because your profit would decrease since the 5th worker’s marginal product is less than the marginal produ..
Why does a portion of Chinese residents' expenditures on goods and services exported from the United States to China likely add to the earnings of Chinese firms and those firms' managers and workers?
Ms. Smith, the owner and manager of the Clear Duplicating Service located near a major university, is contemplating keeping her shop open after 4 p.m. and until midnight. In order to do so, she would have to hire additional workers. If the price of e..
Name the top three largest trading partners with the United States. Which countries (if any) do we have a trading deficit? Or any of them (roughly) trade balanced?
Discuss how your expected and disposable future income, after receiving your college degree, may change your saving and investment decisions and transactions in the loanable funds market.
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift the function. A change in nurse remuneration from salary to fee for service. A change in case mix of patients, wi..
Using the supply and demand analysis of the market for reserves indicate what happens to the federal funds rate, borrowed reserves and non-borrowed reserves, holding everything else constant, under the following situations. The Fed conducts an open m..
The total cost incurred is the sum of the fixed costs and operating costs. The latter increases as more items of a product are manufactured hence the total cost is given by: For a given product, it is found that the number of item s sold correspondin..
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