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Given below is a table with total information for a firm in a perfectly competitive industry.Quantity Total Cost0 10010 22015 30020 36025 45030 60035 77040 960
a. What is the marginal cost and average total cost for the firm at each level of output?b. If the prevailing market price is $34 per unit, how many units will be produced and sold? What are the profits per unit? What are total profits?c. Is the industry in long run equilibrium at this price? If not, what do you expect to happen to price over time?
Explain why would economists be very concerned if the annual interest payments on the debt sharply increased as a percentage of GDP.
He proposed an rise in ethanol produced from corn and stalks and leaves from corn and other grasses. What is the likely impact of these two events on food prices in the United States.
Which nation has the absolute advantage in the production of tanks. Why is it this country.
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
Economists also businesses almost always compare costs and benefits in their decision making.
Elucidate the difference between the government purchases multiplier and the net tax multiplier. If the MPC falls, what happens to the tax multiplier.
What is business cycle? Describe the four phases of the business cycle. Where on the business cycle do you think the U.S. economy is today?
Fastly Delivery Corporation has two divisions.
Assume whether you believe the organization will expand or contract as well as address the price elasticity of demand and competitors.
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Assume a indiidual has $8 to spend only on apples and bananas.
Illustrate what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
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