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What is the profit maximizing rule for firms? Explain why it makes sense. For a purely competitive firm, price equals marginal revenue. What is the profit maximizing rule for purely competitive firms? Can you see why, if price is set by the market, and the firm's marginal cost curve slopes up as a function of quantity, this rule tells the firm which quantity to produce in order to maximize profits?
What is the shutdown rule for a perfectly competitive firm? Can you think of a situation where a firm loses money but it still makes sense for it to continue operating?
Discuss industry structure, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
The price of apple juice decreases, and the wage rate paid to orange grove workers increases-equilibrium price_________equilibrium quantity________
You are told that 75 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $25 billion.
What is the underground economy? What is the impact on the underground economy of instituting a tax on a certain productive activity?
A. What is market failure What are the major reasons that a free, unregulated market in medical care might not be optimal B. What assumptions of the perfectly competitive marketplace are violated in medical markets How does each affect equilibrium ..
Assume that the competitive firm's marginal cost of producing output q is given by MC(q)=3+2q. Suppose that the market price of the firm's product is $9. Find out level of output will the firm produce?
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Suppose as your company's lobbyist, what would you like to see done through Federal government that would be of help to your company? This could be what government could do or what they could stop doing this.
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