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Consider the following table.
Quantity Total Cost
0 $ 16
2 $ 17
4 $ 18
6 $ 19
8 $ 21
10 $ 27
12 $ 35
14 $ 45
(1) Suppose that the price of the product is $4. How many units will the firm produce?
(2) In the long run, will the price rise or fall from the current level at $4? Explain the reason.
Suppose the government imposes the following kind of sales tax: there is no tax for selling the first 35 units, but for selling every unit beyond the thirty-fifth unit, the seller has to pay the government an additional $12. What is the new optimal p..
What is Tom's 'real' hourly wage rate? How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his opt..
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Complete the table (find government purchases and government deficit/supply) by entering the government purchases and computing the budget deficit or surplus at each of the real GDPs.
Calculate the correlations between life expectancy and the two measures of GDP per person
1.how do you know that the firm represented in the graph above is a purely competitive firm?2.to maximize profits this
Compute the sizes of the consumer and the producer surpluses at the equilibrium price and quantity derived in (1).
offshore petroleums fixed costs are 2500000. selling price per barrel of oil is 18 and variable costs per barrel are
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Boston based gas station owner set highest gasoline values in the country. During that summer, he charged $1.69 per gallon for unleaded gas during the daytime and $2.59 each gallon at night
Suppose both supply and demand decrease. What effect will this have on price and the government sets a price floor of $30 and agrees to purchase all surplus at $30 per unit
a small tractor producing firms total cost and demand equations are as followsc 37500000 5000q 1.5q2p 30000 - qa.
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