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Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 per hour for the first eight hours she works and $15 an hour for each additional hour she works. What is the firm’s cost function? What are its AC, AVC, and MC functions? Draw the AC, AVC, and MC curves.
A monopoly producing a chip at a marginal cost of $6 per unit faces a demand elasticity of ?2.5. Which price should it charge to optimize its profits?
Read this article; what is the most likely way that anti-gouging laws potentially can increase social welfare? They increase the deadweight loss for those companies who practice price gouging. The laws raise these companies' costs so that it is no lo..
q. assume that the feds inflation target is 2 percent potential output growth is 3.5 percent as well as velocity is a
Explain what you think causes the economy to go into a recession. Be sure to reference the theory/school of thought you are basing your response.
If a portion of the loans extended by commercial banks is taken as cash rather than as checkable deposits, the maximum money-creating potential of the commercial banking system will.
Assume a bank purchases a newly issued mortgage backed security (MBS) for $1,000. After the year, the value of the MBS has decreased to $750:
Why would your company have bid with a zero mark-up on some past tenders? Why didn’t it win all of those contracts?
Which of these types of firms can earn a positive economic profit in the long run.
Explain how many units of labor and how many machines would the firm use to produce 40 units in the cheapest possible way.
Picture Assume the market is in equilibrium in the graph shown at demand D and supply S1. If the supply curve shifts to S2, and a new equilibrium is reached. Equilibrium quantity increase from 4 to 4.5 units.
q1. suppose a competitive firm that is profit maximizing pays a wage of 750 per week and the price of its output is 15.
In a market economy, every resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices.
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