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Always Round Tire finds that their demand curve is P = 50 − .02 Q (note: Marginal Revenue has twice the slope as the demand curve). What price and quantity combination will maximize the firm's revenue? Q=1250 P=25 ***What are the total revenue and price elasticity at this point? Please show work and solve what the total revenue and price elasticity are at this point please.
What happens to the profits of boat makers in short run. Illustrate what happens to the number of boat makers in the long run.
Draw a Phillips Curve. Explain why economists claimed that the Phillips Curve represented a menu of social choice. Do economists still believe in the menu view of the Phillips Curve? What view has replaced the original view?
A firm in perfect competition has a Total Cost function of TC = 5Q^2 - 10Q + 20. If the current Price (P) = $5: What is the current quantity and profit? Will firms enter or leave the industry?
Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
The substitution effect from a fall in the price of a gallon of gasoline is shown in the below figure by the movement from
Examine two (2) arguments one for and one against raising the minimum wage, and discuss your findings. In view of the weak economy of the last several years, explain which of the four components of GDP had, or is having, the greatest positive impact ..
Is a strong dollar always good? Is a weak dollar always bad? Who are the winners and losers of an appreciating or depreciating dollar? What are foreign exchange rates all about, and how do they work? What is the Law of the Comparative Advantage? How ..
If the government establishes a quantity subsidy on the consumption of a good, it means that the consumer has to pay for each unity of the good its price minus the subsidy. That is, the price of the good becomes, in the consumer’s point of view, p−s,..
An economy consists of two regions, the North and the South. The short-run elasticity of labor demand in each region is -0.5. Labor supply is perfectly inelastic within both regions. What will be the effect of this immigration on wages in each of the..
Brian is training for a triathlon, a timed race that combines swimming, biking, and running. Which basic principle of individual choice does Brian's plan illustrate that his wife's advice does not?
If Amy spent her entire allowance, she could just afford 8 candy bars and 8 comic books a week. She could also just afford 10 candy bars and 4 comic books. The price of a candy bar is 50 cents. Illustrate her budget line with a diagram (be sure to la..
What are the components of the Affordable Care Act? What improvements have the Affordable Care act made to the United States Healthcare delivery system? What are some examples of how new legislation will affect the problems associated with cost, acce..
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