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A firm that makes zero economic profits
a. Does not cover its variable costs and should shut down in the short run.
b. Covers all its costs, including a provision for normal profit.
c. Incurs an accounting loss if fixed costs are greater than variable costs.
d. Must eventually go bankrupt and exit the industry.
Comment on the following statement: “Inflationary and recessionary gap are nothing to worry about because the economy has a built-in mechanism that cures either type of gap automatically”.
Calculate the elasticity of demand as a function of Q. Does firm's profit maximization problem satisfy the global SOC? Using your answer 1,2 question, what is firm's profit maximizing markup?
An attorney acquires confidential information about a certain client. However, he discovers that this information is important for the affairs of a second client. In this situation, two duties are in conflict. What are these two conflicting duties? H..
The following estimates have been obtained for the market demand for cereal In Q= 9.01- 0.68 In P+0.75In A-1.3M, where Q is the quantity of cereal, P is the price of cereal, A is the level of advertising and M is income.
The farmers in country A harvest and sell 150 bushels of wheat at the price of $80 per bushel. Of the total production 30 bushels are exported. If the government bans all exports of wheat, the domestic price of wheat would drop to $60. But the produc..
The law of diminishing returns says that at some point, as the firm's output increases, marginal product begins to fall and can eventually became negative. Why does this happen? Price discrimination allows a firm to charge different price to differen..
The FOMC wants to expand the money supply by $120 million and decides to buy bonds on the open market. Suppose the reserve requirement is 40% and banks do not hold any excess reserves. Which of the following is an alternative monetary policy that the..
The minimum wage is typically set above the market-clearing wage in the market for labor. Using a graph with an upward-sloping supply of labor, a downward-sloping demand for labor, with the quantity of labor measured on the horizontal axis and the wa..
GDP depends partly upon Investment and consumption spending. If the economy is in a persistent recession what can the Congress and Administration do to improve the GDP? What can the Federal Reserve do to improve the economy is Consumption and Investm..
Assume that the economy can experience high growth, normal growth, slow down or severe recession. Under these conditions you expect the following stock market returns for the coming year:
What about longer term dynamics of the global economy? What might be those benefits or losses
A hearing is scheduled for your company to Current arguments that your industry has not increased its market power through this merger. Can you do this. How. Illustrate what evidence might you bring to hearing.
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