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Suppose that a perfectly competitive firm faces a market price of $7 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curveat an output level of 1,400 units. If the firms produces 1,400 units, it's average variable costs equal $6.50 per unit, and its average fixed costs equal $0.80 per unit.
What is the firm's maximizing (or loss-minimizing output level?
What is the amount of its economic profits (or losses) at this output level?
Price discrimination occurs when a.the supply of the product is elastic b.a product's average cost is greater than its average revenue c.a product's average cost is less than its average revenue d.differences in a product's price reflect differences ..
The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?
explain why the cost structure associated with many kinds of information goods and services might imply a market
Given the following information for November 2010, calculate the amounts of M1 and M2 in November 2010. The amounts are in billions of dollars. Currency $..
graph jays budget constraint when her income is 50 and the price of housing and food is 2 and 10 respectively.what
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
Disinflation is defined as a reduction in the rate of inflation. B. Policymakers can exploit a trade-off between inflation and unemployment in the short run but not in the long run. C. Unemployment rates below the natural rate of unemployment are di..
yearnominal gdpreal gdpgdp deflator20023055nbsp942003nbsp3170100200434103280nbsp2005nbsp3500108i complete the above
Which of the following groups most suffers the costs of minimum wage laws?
Using the purchasing-power-parity theorem, explain what happens to the value of a currency if its domestic inflation is lower than foreign inflation.
Describe the difference between “money market” debt instruments and “capital market” debt instruments, and provide at least 2 examples of each type. Hint: See chapter 2 of the text.
If this firm was under perfect competition, what would be the efficient level of output in the long run?
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