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A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist should do to maximize profits? Draw a graph showing hte above situation. Include in that graph, the monopolist's cost curves, demand and marginal revenue curves and the price and quantities that are indicated by the situation described above.
Use the firm's isoquant-isocost diagram and the firm's marginal cost curve to explain and illustrate the output and substitution effects of a decrease in the price of labor.
Problem on standard deviation
Show the effect of moving to a consumption tax on the loan able funds market if people react favourably to the incentive to save. Choose which curve or curves you believe are affected.
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
From the regression output, estimate the demand function when income is $40,000 and price is $2 per gallon. Explain the result in terms of R-square, T-test, F-statistic, and signs of each X variables.
What is business cycle? Describe the four phases of the business cycle. Where on the business cycle do you think the U.S. economy is today?
Compute the short-run profit maximizing level of labor and capital demand. Compute the long-run profit maximizing level of labor and capital demand.
Provide a report to management of the firm as to whether or not it should continue to operate at a loss?
Write a brief explanation of each of the following terms. import tariff, effective rate of protection
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
Assume an economy in which the reserve ratio is 15 percent, people hold 10 percent of their deposits in the form of cash, and there are no other leakages.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
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