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Suppose that a firm in a perfectly competitive industry has the following total cost schedule;
Output (units) Total Cost ($)10 $11015 15020 18025 22530 30035 38540 480
a. Calculate a marginal cost and an average cost schedule for the firm.b. If the prevailing market price is $17 per unit, how many units will be produced and sold? What are profits per unit? What are total profits?c. Is the industry in long-run equilibrium at this price?
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
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Suppose that the economy is short of its full-employment (potential) level of GDP, assumed to be $14,000 billion, by $500 billion.
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Suppose the elasticity of U.S. exports with respect to the real exchange rate is very low
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Exp[lain how does banks use Covered interest arbitrage to protect themselves.
Elucidate are the characteristics of the market for lemons.
A small business which produces plastic vacuum-suction covers for round household dishes has monopoly that is protected through a utility patent. Market demand curve for this product is estimated to be:
Elucidate each of the folling statements using supply and demand diagrams. When a cold snap hits Florida, the price of orange juice rises in super marlets through out the country.
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