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12. Mrs. Smith is operating a firm in a competitive market. The market price is $6.50. At her profit-maximizing level of output, her average total cost of production is $7.00, and her average variable cost of production is $6.00. Which of the following statements about Mrs. Smith's firm is correct? )
a. Mrs. Smith is earning a loss and should shut down in the short run.b. Mrs. Smith is earning a loss but should continue to operate in the short run. c. Mrs. Smith is earning a profit since the price is above the average variable cost. d. Without knowing Mrs. Smith's marginal cost, we cannot determine whether she should stay in business or shut down.
Illustrate what are the levels of income per worker also consumption per worker. Show how capital stock per worker will evolve over time in both countries.
Explain your reasoning and use Lisa Blake and Walter Barnes as your point of reference. Also elucidate the influences affecting foreign exchange rates.
Suppose the Fed decided to purchase $50 billion worth of government securities in the open market. What impact would this action have on the economy? Specifically, answer the following questions:
Elucidate however, was 3 percent in Finland also 1.8 percent in France. From this we can conclude that France's every capita GDP
the price of business travels drops, the company issues a report indicating that its marginal rate of substitution between electronic media and business travel marginal rate of substitution between electronic media and business travel is - 1. Is t..
Elucidate why the boundaries of the firms that group members currently work for are dawn at their current limits, and consider whether there are opportunities to increase the returns generated for your firm's owners by a change to those vertical o..
Illustrate what does a point outside construction possibilities frontier indicates.
After looking at some reports, you come to the conclusion that when price is 2, quantity is 1, and when price is 6 quantity is 9. Using the midpoint formula, what is the elasticity of this curve over the range provided. a. 5/8 b. 5/4 c. 8/5 d. 2 ..
Copiers cost about twice as much as workers. Would you recommend they buy another copier or hire another worker?
Using the Lagrangean multiplier approach calculate the optimal (i.e., service maximizing) combination of medical and social staff. Determine the optimal amount of service provided by BF.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought.
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