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1. Assume a perfectly competitive firm is maximizing a profit at some output at which long -run a verage total cost is at a minimum then a) The firm is earning an economic profit b) There is no tendency for the firms industry to expand or contract c) allocative but not procedures efficiency is being achieved d)other firms will enter this industry
2. If a profit seeking competitive firm is producing its profit -maximizing output and its total fixed costs fall by 25 percent the firm should: a) use more labor and less capital to produce a larger out put b) not change its output c) reduce its output d) increase its output
3. If the monopolist firm in the diagram lowers price from P1 to P2 it will a) lose P1 P2 ba bin revenue from the price cut but increase revenue by Q1bc Q2 from the increase in sales b) lose P1P2ca in revenue from the piece cut but increase revenue by Q1acQ2 from increase in sales c) incur a decline in total revenue because it is operating on the elastic segment of the demand curve d) incur an increase in total revenue because it is operating on the inelastic segment of the demand curve
4. When compact disc (CD) players first came on the market they sold for over $1,000 .Nw a good CD player can be purchased for $ 100 .these facts imply that : A) the CD industry was once competitive but is now monopolistic b) fewer firms produce CD players than was the case five or ten years ago c) the deman curve for CD players has shifted leftward d) the CD player industry is a decreasing -cost industry.
q.assume the working income tax benefit tops up a single individuals income by 25 percent of the amount that employment
While grading a final exam, an economics professor discovers that two students have virtually identical answers. Illustrate which outcome do you expect.
Please rank the follow curves as to how they would contribute to deadweight loss if a good that had this elasticity was taxed. Assume the supply curve has elasticity equal to 1. Most deadweight loss. Least deadweight loss
After the aggregate demand decreases in part “a” above, what kind of a demand- management policy would a typical liberal economist propose, an active policy or do nothing? How about a conservative economist? What justifications would they provide or ..
What role does economics play in the political realm? Why do we care what type of market China and Russia have? Can any of you provide an example of how this influences your daily life?
Hemingway's Hot Dogs sell for $2.00 each. The hot dogs cost Hemingway $0.95 and commissions are $0.15 per hot dog. How many dogs must Hemingway sell if his fixed costs for the stand and rent are $3,500?
q.demonstrate the demand and supply program for calculators in norway and sweden. on graph paper sketch the demand and
Homo sapiens production possibilities curve have shifted outward to the right much more rapidly than that of Neanderthals
Social Security has revenues of $1.8 trillion and expenditures of $1.3 trillion. The nonsocial Security budget has revenue of $2.1 trillion and expenditures of $2.4 trillion. The official budget will report a _______________ (deficit/surplus) of $___..
A small company manufactures and sells bicycles.The production manager has determined that the demand functions for q(q>0) bicycles per week is p=90-q, where p is the price per bicycle. find the maximum weekly revenue ?
In this problem you will analyse how optimal household's choices react in response to a change in the timing of distortionary taxes. Consider the two-period model of the household. Suppose that the consumer has current income of y, future income of y..
Elucidate why Pizza Hut has expanded its offerings of pizza over the past five decades
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