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In the short run, if average variable cost is increasing as the quantity of output produced increases, which of the following must be true?
A. Average total cost is increasing
B. Average fixed cost is increasing
C. Average variable cost is increasing
D. Marginal cost is greater than average variable cost
E. Marginal cost is greater than average total cost
Which of the following two examples illustrates adverse selection and which illustrates an incentive problem? Explain your answer. In each case, give one method that the restaurant might use to reduce the problem.
Economic theory would suggest that the profitability of an industry would be
What happens if the price floor is above the equilibrium? and what happens when price ceiling is below the equilibrium?
q. 1. did you find that the items grouped together as you worked down the flow chart had similar characteristics in
Output per worker yt = 4kt 1/3, the saving rate is 30 percent, and the depreciation rate is 13.3 percent. Calculate the steady-state values of capital per worker and consumption per worker.
Should you raise the price of your widgets? What will be the effect on total revenue? Include elasticity, consumer and producer surplus, utility maximization, consumer equilibrium.
What is the difference in profit maximization between the perfect competitor and all other types of firms? Economic profit is the difference between a firm's total revenue and its
In the Great Plains states west of the Mississippi river, annual rainfall is less than annual water usage for irrigation. The level of groundwater in the Ogallala aquifer that underlies the region is dropping precipitously. On its western edges the a..
Espn currently pays the nfl$1.1 billion per year for eight years for the right to exclusively televise Monday night football. What is the net present value of this investment if the parent Disney company has an opportunity interest rate equal to its ..
If a rise in incomes is the same proportion for both low-income and high-income workers.
They could each decide to work a few extra hours on Saturday and earn more income. But they choose to play tennis or to relax around the house.
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B (H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB (H)=420-80H and MC(H)=100+240H.
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