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When price is greater than average variable cost but less than average total cost at the profit-maximizing level of output, a firm should continue to produce the level of output at which marginal revenue equals marginal cost. increase output to minimize its losses. reduce output to the level at which price equals average variable cost to minimize its losses. shut down to minimize its losses.
Calculate the number of days it would take for the vendor to no longer need to borrow money in order to purchase $10 of vegetables and the day number on which no loan is needed?
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like. b.) Explain what the results of such a move are for the graham cracker market. ..
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
Assume you are an aid to a government official planning on some recently proposed excise tax on welfare of her constituents.
Show your steps. B. After the equilibrium is reached, suppose 100,000 new jobs are created, causing 200,000 new migrants to enter the city. Does the equilibrium rate change? What is the new rate of urban unemployment right after the new migrants h..
The long-run Phillips curve suggests policymakers choose between alternative and which of the following will shift the aggregate demand schedule to the right?
People sometimes argue that imports should be limited by government policy. Suppose a government quota on the quantity of imports causes net exports to rise. Using the circular flow diagram as a guide, explain why total expenditures and national o..
Assume total benefits and total costs are given through B(Y) = 100Y-8Y(squared) and C(Y)=10Y(squared). Determine the maximum level of net benefits?
Calculate the standard deviation of the distribution of each investment. (b) Which of the two investments is more risky? (c) Which investment should the individual choose?
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
If some auction participants for crude oil field leases have estimates that the oil in the ground is worth $1.2 million, $1.3 million, or $1.5 million with certainty; and other auction participants have estimates that the same oil f..
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