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Yesterday, a perfectly competitive producer of construction bricks manufactured and sold 10,000 bricks per week at a market price that was just equal to the minimum average variable cost of producing each brick. Today, all the firm's costs are the same, but the market price of bricks has declined.
(a) Assuming that this firm has positive fixed costs, did the firm earn economic profits, economic losses, or zero economic profits yesterday?
(b) As for today, which option would be the best for the firm - to continue producing in this market, or shut down?
Illustrate what are the three major categories of expenditures for the federal government. Explain whether or not we should be concerned with net interest outlays and national debt.
Elucidate do labor unions have a role to play today. How important is this role.
you select to work more hours or fewer when offered a higher hourly salary.
Felicity is studying economics and political science. She can read 30 pages of political science per hour but only 5 pages of economics per hour. This week she has a 50-page assignment in economics and a 150-page assignment in political science.
Compute point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points.
you have $250 000 in and ira (individual retirement account) at the time you retire. you have the option of investing this money in two funds. fund A pays 2.5% annually and fund B pays 7.5% annually. how should you divide your money between fund A..
You are a manager of Kleenex and you compete directly with Puffs selling facial tissues in America. Consumers find the two products to be indistinguishable. The inverse market demand for facial tissues is P = 3-Q (in dollars) in America.
Discuss the changing economic variables in China that influenced McDonald's expansion strategies.
What is the real mortgage interest rate in 2001, 2002, 2003 and 2004, what are the values in 2000 dollars of Nancy's monthly mortgage payments in 2001, 2002, 2003, and 2004?
Explain how have US economic or fiscal policies affected employment rates
The primary difference in a change in supply and a change in the quantity supplied is,
Economist George Stigler once wrote that, according to consumer theory, "if consumers do not buy less of a commodity when their incomes rise, they will surely buy less when the price of the commodity rises."
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