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Econ 111: Principles of Economics - Accelerated Treatment - Quiz 4
1. Given all the information in the total product (TP) curve presented here, sketch the average and marginal product curves in the area directly underneath it.
2. Given all the information in the total cost (TC) curve presented here, sketch the average and marginal cost curves in the area directly underneath it.
3. The following graph gives information about the marginal cost (MC), average total cost (ATC) and average variable cost (AVC) for a perfectly competitive firm A that faces a market price p* for its product.
a) Show the output level that maximizes profits for firm A, and explain briefly (2-3 sentences) why you picked that quantity.
b) Answer with one sentence: Is the firm enjoying profits or losses at the equilibrium output level? WHY?
Review the World Trade Report 2012 from the WTO on trade and public policies (the executive summary is available for review as well) at the WTO Research and Analysis webpage. As you go through this resource, think about what the significance of bo..
A news magazine offers students a discount on the regular subscription rate. The total number of subscriptions is optimal, and, at the current prices, the marginal revenue from the last subscription sold to a student is $6, while the marginal revenue..
how can two countries both be better off as a result of trade? how can tariffs protect u.s. jobs? do tariffs lead to a
The two loops in the circular-flow diagram represent the flow
a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like. b.) Explain what the results of such a move are for the graham cracker market. ..
Consider a market where demand is P=10-2Q. There is a negative production externality of $2.50/unit of consumption. Supply is equal to ??=??2. What is market equilibrium? What is the socially optimum quantity and price??
You are interviewing three candidates for one sales job position. On the basis of your experience and insight, you believe Jane can sell 600 units a day, Joe can sell 450 units a day, and Joan can sell 400 units a day. The daily salary each person is..
These multiple choice problems belong to Economics. The first problem is about identifying the costs that have been incurred and cannot be recovered and the second problem is about the demand curve for an individual firm in the short run would be.
assume that the regulator knows the marginal cost of abatement fairly well but there is uncertainty about marginal
Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
How does the government calculate unemployment anyway - inflation in health care has risen rapidly in response to higher costs and an increase in the demand for services provided.
Due to improved technology Intel can produce microchips cheaper than before. Which of the following statements is true?
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