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A firm can sell its product at a price of $150 in a perfectly competitive market. Below is an incomplete table of a firm's various costs of producing up to 6 units of output. Fill in the remaining cells of the table, and then calculate the profit the firm earns when it maximizes profit.
What is the most realistic relationship between bads and TU and bads and MU? Given this relationship (the assumption), will the MRS on an indifference curve increase or decrease (determined by the direction the indifference curve is bowed)?
Calculate elasticity of demand at prices $8, $5, and $3. Price Quantity Purchased $10 1 $9 2 $8 3 $7 4 $6 5$5 6 $4 7 $3 8 $2 9 $1 10
Sam Lawson is a vice president at a large communications firm. His compensation includes a salalry of $400,000, a bomus of $200,000 and a stock option package that allows him to purchase 30,000 shares of the company's stock at $45 per share.
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
Is the ATC sloping up or down at the current equilibrium? [Hint: is the MC above or below the ATC at the chosen output?]
Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of hours the bakery is open as shown in the table.
Suppose that the marginal damages to society from air pollution are MD=e-25, where e is the level of air pollution. Suppose also that the marginal cost of reducing the air pollution on the part of firms is MC=200-2e.
There are two sectors of the construction industry that currently pay their employees the market-clearing wage. The demand for labor in each sector is MRPL = 12 - L,where L = the number (in thousands) of workers. The supply of labor in each sector..
With the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1, a consumer, George, with an income of $1,000 purchases 300B and 400R. At that point, the consumer's MRSBR = 3 R/1 B. Does this mean that George is at his optimal point
Test at the 0.01 level the statement that 55% of those families who plan to purchase a vacation residence in Florida want a condominium. The null hypothesis is = 0.55 and the alternate is . A random sample of 400 families who planned to buy.
(The Human Body and the U.S. Economy) Based on your own experiences, extend the list of analogies between the human body and the economy as outlined in this chapter. Then, determine which variables in your list are stocks and which are flows.
What is the equilibrium value of n? How is this value affect by an increase in t?
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