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Q1. A perfectly competitive firm has total cost function as follow:TC ($) = 2q2 + 4q + 200a. What are the firm's break-even output and price?b. Assuming that the market price is $24, should the firm produce? Why?c. Assuming that the market price is $84, what are the firm's output, producer surplus and profit? What is the firm's supply function?
Q2. if income rises from 1000 to 1800 and consumption rises from 1100 to 1700 the marginal propensity to save is ?
Q3. Suppose a monopolist faces the following demand curve:
P = 596 - 6Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs.
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
This document contains various important questions and their appropriate answers in the subject field of Economics.
A county is considering using a piece of park land for one of two alternative recreation projects.
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Given the demand and cost conditions, what price, output and profits result in the short run? What will happen as the firm moves from the short to the long run
Budget line showing the various combinations of scores on the two exams that she can achieve with a total of 400 minutes of studying.
A machine used to cereal boxes dispenses, on the average, ounces per box. What is the largest value.
Trace out exactly where this 100 increase in income goes in the second round and compare to our simpler treatment with a closed economy and lump sum taxes.
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Air transport for businesspeople and tourists
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