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Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $2 per bushel. At this level of output, marginal cost is $2, average total cost is $7, and average variable cost is $6. Farmer Bogus should produce how many bushels of output?
Outline the consumer purchase decision process you used to select your college or university. Discuss your perceived problem, information sources used, awareness set, evaluative criteria, consideration set, and how happy you are with your decision.
Even those who were not directly affected by the destruction were hurt because businesses failed or contracted and jobs dried up.
The Equation of Exchange is given as MV = PY , where M= the nominal money supply, V= the velocity of money, P= the price level and Y=real GDP. What is the Monetarists’ argument (based on the quantity theory of money) about an increase in M? Explain a..
Which of the following is one of the differences between the Articles of Confederation and the new Constitution created during the Constitutional Convention in 1787?
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
What is the structure of the Fed? What is the difference between the Fed and the Treasury? What are the goals of the Fed? What actions are at the disposal of the Fed?
What did the Federal Reserve do to combat the nancial crisis that accompanied the Great Recession of 2007-2009? What problems is the Federal Reserve currently having to deal with as a result of these activities?
Currently a monopolist's MR = $5 and its MC = $10 and it services 10 consumers. An 11th consumer walks in. Should the company service her?
Calculate the following values, assuming a discount rate of 8%: Assuming an 8% discount rate, what is the future value of the following cash flows? Calculate how much money she could take out each year for the 20 years from her 41st birthday till her..
Describe the roles of the World Bank (WB), International Monetary Fund (IMF), and World Trade Organization (WTO) in the acceleration of globalization
Discuss the following statement: In the real world there is no industry which conforms precisely to the economist’s model of perfect competition. This means that the model is of little practical value’. Illustrate with a diagram and explain the short..
In developing a vaccine for the SARS virus a pharmaceutical company incurs a very high fixed cost. The marginal cost of delivering the vaccine to patients, however, is negligible (consider it to be equal to zero).
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