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At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm's current profit? What is likely to occur in this market, and why?
Suppose at current factor prices a country's manufactures use 60 hours of labor for each acre of land and food is produced using only fifteen hours of labor per acre of land. If the economy's total resources are 1800 hours of labor and 180 acres o..
In what direction would the shift in labor supply and demand go. Illustrate what would be its effect on the equilibrium of the labor market.
Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' 0, C'' > 0. (a) State the firm's profit function in terms of Q. (b) Find the F.O.C. that maximizes profits at Q*. (c) Interpret the F.O.C.
Where Qt represents the quantity of widgets sold per period t, Pt represents the price of widgets during period t, and Mt represents average household income of customers during period t. You are also given the following information about the regre..
Grocery stores and gasoline stations in a large city would appear to be examples of competitive markets there are numerous relatively small sellers, each seller is a price-taker, and the products are quite similar.
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Suppose the price of food increases from Px1to Px2. On a clearly labelled graph, illustrate the income and substitution effects of the price change on the consumption of food.
What is a fixed payment made by the privately insured patient in exchange for receiving the medical good or service? What is the percentage of each and every medical bill that the patient pays rather than the flat dollar amount?
she is willing to exchange exactly 1 classical record for 2 rock and roll records, but if she has more rock and roll records than classical records, then she is willing to exchange exactly 1 rock and roll record for 2 classical records. Melody has..
A firm purchases capital and labor in competitive markets at prices of r = 16 and w = 24, respectively. With the firm's current input mix, the marginal product of capital is 72 and the marginal product of labor is 48. Is this firm minimizing its c..
Illustrate what happens to bicycle supply. What happens to bicycle demand.
Assume the Fed's Beige Book reported that in South Florida, bookings for the summer tourist season were off to a slower start than last year
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