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In class is was claimed that at the wealth maximizing output for a price searcher who is making zero (economic) profits, the Average Total Cost Curve must be tangent to the Demand Curve rather than merely be equal to but bisecting the Demand (either from the bottom or top) at that output. Prove or refute that claim. (Assume that there is no price discrimination of any sort; unit prices charged to any buyer, once set, are the same regardless of number of units sold.)
Illustrate and explain how a government budget deficit can lead to a higher real interest rate. Discuss how the effect of a budget deficit on the real interest rate could be altered by an increase in private savings.
You are evaluating two different silicon wafer milling machines. The Techron I costs $258,000, has a three-year life, and has pretax operating costs of $69,000 per year. The Techron II costs $450,000, has a five-year life, and has pretax operating co..
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
(Long-Run Industry Supply) Why does the long-run industry supply curve for an increasing-cost industry slope upward? What causes the increasing costs in an increasing-cost industry? What are the major characteristics of perfectly competitive market? ..
(Population growth but no technology growth) Consider an economy that 12 is described by the production function Y = K^1/3L^1/ 3. What is the per-worker production function, that is y = Y/L ? What is the marginal product of capital, that is dy/dk? F..
The other product is K9Grass for consumers who have pet dogs. The addition of these two new synthetic grass products is a way for Forever Lawn to increase its:
You earn $3,000 from a part-time job. You have a choice between spending the money now or putting it away in a bank account that pays 5 percent interest per annum. What is the opportunity cost of spending the $3,000 now?
Illustrate what happens if the insurance plan reduces the deductible to zero. What happens if the coinsurance rate is increased.
Ilustrate what is the market price and level of each firm's output in the short run. How much profit does each firm make.
If you want to have $301,301 in 19 years, how much money should you put in a savings account today? Assume that the savings account pays you 6.99 percent, compounded monthly. Cooling Tools, Inc. is currently producing 671 of small refrigerators per m..
Jane receives utility from two goods, goat’s milk (m) and strudel (s), according to the utility function: Show that increases in the price of goat’s milk will not affect the quantity of strudel that Jane buys; that is show: ∂s/∂pm = 0.
In 2008, the government initiated an $8,000 tax credit for first-time homebuyers in an effort to stimulate the housing market. This means that all first-time homebuyers in 2008 were eligible to take an $8,000 deduction from their taxable income for t..
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