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Discribe the difference in economic profit between a competitive firm and a monopolist in both athe short and long run. Which should take longer to reach the long-run equilibrium?
Ilustrate what is the market price and level of each firm's output in the short run. How much profit does each firm make.
Compute the percentage change in price and quantity (%ΔP, %ΔQd) by adding this one room. Calculate the Price Elasticity of Demand.
Which of following is equivalent to marginal propensity to consume. If incomes increased by $20,000, government purchases are fixed at $10,000, investment spending is fixed.
Compute the marginal and average tax rates for three individuals respectively earning $70,000, $93,500 and $200,000 annually.
Illustrate what recieves goverment subsides that are in place to protect the population rather than for economic reasons.
Assume bad wear in Florida ruins much of orange crop. Illustrate what happens to consumer surplus into market for oranges.
Why might bad cars drive good cars out of the used-car market. Give at least two possible solutions to resolve this paradox.
If it decrease the percentage of its output devoted to capital goods, then its rate of growth will tend to increase. Its production-possibilities curve will shift to the left or its rate of growth will tend to decline.
Illustrate what is the minimum price neccessary for this firm to produce any output in the short run.
How much does consumption change this year in absolute dollars ($ ΔC) as a result of a $5,000 annual tax cut to your income, if the tax cut.
What is meant by the productivity? What are the factors of production that limit any nation ability to produce wealth?
Is the product considered elastic, inelastic or unitary elastic. In a few sentences Illustrate what effect does the present supply also present Demand have on this product.
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