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Assume that a price-taking firm in the wheat industry has typical U-shaped SAC and AVC shortrun cost curves and an upward sloping SMC curve. Assume that the minimum SAC is $30 at 225 units of output, and assume that the minimum AVC is at $18 at 120 units of output. a. Draw a diagram including the short-run MC, SAC, and AVC curves for this firm. b. What is the shutdown price for this firm? Explain your answer. c. Assume the market price is $23. Will the firm produce positive or zero output? If the firm produces a positive level of output (q* > 0), illustrate the level of profits (or losses) in your graph. (Without the explicit cost functions, you cannot give a numerical profit value. I am looking for a graph of the profits (or losses).) d. Describe the short-run supply curve for this firm
What are the fixed costs? What are the variable costs? What is marginal cost? [Hint: for the marginal cost, consider making a small table and determine marginal cost for different values for Q.] Derive relationships for AFC, AVC, and ATC. What is ave..
From 1983 to 1987, a period of rapid economic growth in the U.S., total savings by contributors to IRAs increased by approximately the amount of their IRA contributions. Does this show that virtually all of their IRA savings were new savings money th..
When you look at monetary or fiscal policy, it’s important to consider the Phillips curve. Explain what the short-run Phillips curve is and why it is important in thinking about economic policy. Explain what stagflation is and why stagflation is inco..
Will it shift to the right or left? Where will the equilibrium be on the LRAS now? What is the correct answer here and why?
But what about the unwritten or informal rules of doing business there—rules based on culture, religious codes, and societal constraints? Sometimes these laws can be very different from those in one’s home country or in other countries in which one i..
Technology is viewed by economists as a source of comparative advantage but technological advantage is often transitory. Use the Product Life Cycle (PLC) Theory to explain the role of technological innovation as a key determinant of the trade pattern..
q1. if the marginal cost of planting and harvesting an acre is 7000 per acre for each of the five acres how many acres
Because inflation has risen, the J.Crew clothing company decides to issue a new catalog monthly rather than quarterly. Grandpa buys an annuity for $100,000 from an insurance company, which promises to pay him $10,000 a year for the rest of his life. ..
There are 300 purely competitive farms in the local dairy market. Of the 300 dairy farms, 298 have a cost structure that generates profits of $42 for every $600 invested. a.What is the percentage rate of return for these 298 dairies? (percent) B. Wil..
According to the text, the price elasticity of demand for oranges has been estimated to be -0.62. This implies that a doubling of the price of oranges would cause the quantity demanded of oranges to:
How does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete? Why do some economists oppose trade restrictions? Explain your answer.
Describe an example of consumer's causing a product to succeed or fail based on their purchases or lack thereof.
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