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Consider total cost and total revenue given in the table below:quantity total cost total revenue0 $8 01 $9 82 $10 163 $11 244 $13 325 $19 406 $27 487 $37 56a. Calculate profit for each quantity. How much should the firm produce to maximize profit?b. Calculate marginal revenue and marginal cost for each quantity. Graph them. At what quantity do these curves cross? How does this relate to your answer to part (a)?c. Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?
Assume the basis for the trends in consumption patterns as discussed in the article. Discuss what has occurred to change the demand for, or the supply.
Assume that the following table describes prices, incomes, and every person lobster consumption in three U.S. cities.
State with brief reasons whether the following statements are true, false, or uncertain.
How does the free rider problem explain why telephone companies are usually successful in getting permission to raise their rates?
Elucidate the price should you charge for a midsized automobile if you expect to maintain your record sales.
Illustrate what should it do in the short run. Restricting the issuance of Federal Reserve Notes because paper money is the largest portion of the money supply.
Elucidate if our current U.S. economic conditions are more consistent with the Keynesian or classical economic theories.
Expalin how the actions of a mine operator can spend $5 million to free a trapped miner.
Corporation A is planning the purchase of a new machine that would lower cash outflow. The cost of the machine is 30,000. The annual reduction in cash flows is:
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
Explain the difference among a price floor also a price ceiling. Provide a situation in which a price ceiling may be used.
Explain briefly the advantages and disadvantages for each tool the Fed can use to manipulate the federal funds rate.
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