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A monopolist has determined that marginal revenue is $2.00 and average cost is $1.75. It has also determined that the lowest sustainable average cost is $1.75. To maximize profit, should the firm lower its price, increase its price, or leave the price unchanged? How would you change your response if marginal revenue is $1.50?
Assume the following payoff matrix in which the numbers indicate the profits in millions of dollars for a duopoly based either on a high price or a low price strategy.
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
Dicuss should the government subsidize alternative fuel options given all you have learned about the growth? Give special thought to following two statements;
Peterson has just completed his study from college and is now a junior member of the staff of a United State senator. He has been asked to draft a statement detailing the senator's position on the economic growth implications of immigration
How were slaves involved in the New England economy in the 17th and 18th centuries and biotech is just one of several up and coming industries in Massachusetts. Give some reasons that Biotech has clustered here and what are some other industries t..
There are four basic components of the AD curve, Consumption, Government Expenditures, Investment, and Net Exports. Of these 4-components what one of them is currently negative.
Use the following general linear supply function to answer the question, Where Qs is the quantity supplied of the good, P is the value of good, PI is the value of an input, and F is the number of companies manufacturing the good.
Use your own employment experiences and be sure to identify the sector in question, how would you relate the hiring practices of that industry or industries to fluctuations in the business cycle?
Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society economic welfare.
Assume government imposed a minimum wage above what otherwise would be equilibrium wage rate for the segment of labor market.
What feature in this example leads to the result that you don't need to know the amount of taxes collected by the government to find the equilibrium?
Explain how are the slope of a production possibilities frontier and the opportunity cost of the goods related.
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