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A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course the owners have asked for your opinion. Draw a completely labeled graph to help you explain the shutdown decision. You should show two graphs in your answer, one for the market as a whole, and one for this store in particular. Assume that the store is losing money; however, explain why they may want to stay open for a little while longer.
write a 1750 to 2450 word paper in which you decide whether to purchase a house.1. discuss which principles of
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000. to maximize profits in the long-run, the monopolist should do.
suppose the hotel in the lecture example raised its price from 30 to 30.50. with the new price the hotel expects 96
Based upon your own internet research, identify and comment on two supply-side initiatives included in the current U.S. stimulus package. Ensure your response includes one strength and one weakness in each of these initiatives.
Why is it important for managers to understand the mechanics of supply and demand both in the short run and in the long run What are some examples of companies whose business was either helped or hurt by changes in supply or demand in the markets
Since consumers' tastes are changing so rapidly, there is no reason to expect that statistical demand estimates derived from historical data will be accurate in the future.
Consider the market for bicycles. The Total Cost function is given by TC = 100 + 10q + q2 and there are 20 firms. The demand function is given by P = 120 - q. However, there are significant externalities to the production of bicycles. The governme..
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
budweiser now owned by a belgium based beer company called inbev miller and coors who together produce 85 of all beer
What role can the government play in reducing the emission of greenhouse gases? What role can individuals play? If you were the economic advisor in the government, what economic measures would you suggest to tackle global warming?
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
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