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Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $8, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $6. Based on this information, the firm is:
earning an economic profit of $600.
earning an economic profit of $1,200.
incurring a loss of $600.
incurring a loss of $1,200.
The market for Banh Mi in Auckland CBD consists of 6 restaurants operating in monopolistic competition. Suppose that these firms face monthly fixed costs of $5,000 and marginal costs of $3. Draw the average cost and marginal cost curves for a represe..
Show graphically and explain how increasing the depreciation rate affects the bundle of capital and labor that a firm chooses for production.
Write any trade agreement between Oman and other countries - The importance and the advantages and disadvantages of the agreements.
show how consumers make purchase desicions, on the basis of each model of consumer desicion making cognitive, emotional, paasive.
Explain the replacement effect, which may cause monopoly firms to innovate less rapidly.
Resource demand curves slope downward because?
For each category, indicate which condition is associated with higher rivalry among competitors.
To meet increased delivery demands, a Dairy company just bought 15 new delivery trucks. Each truck cost $30,000 and has an expected life of 4 years. The trucks can each be sold for $8,000 after four years. Using CCA Class 10 depreciation, determine a..
How does the law of demand relate to the price and demand for gasoline in the United States? Does this law accurately reflect reality? Use current research, personal experiences, and economic concepts to state your response.
Boo spend all of her income on tacos. There are only two varieties of tacos: chicken and pork, and Boo preferences pork taco. You could write her function as U=C + 3P. Chicken tacos cost $1, pork tacos $2.50, and she has an income of $40. Derive Boo'..
Find the Following: Average Product of Capital, Average Product of Labor, Marginal Product of Capital, and Marginal Product of Labor. Given: Q = 10 K^0.3 L^0.7.
Optimization with 2nd order conditions and identifying the properties of functions: 1. Solve the following optimization problems Check 2nd order conditions to confirm that your solution is a maximum. Check if the objective function is concave, convex..
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