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1. In the graph space below:
a. Label the axes for the short run average cost and output framework.
b. Draw the AVC, ATC and MC curves assuming that marginal returns initially increase before Diminishing Marginal Returns set in:
2. Assuming a single profit maximizing firm in a purely competitive industry, draw the demand and marginal revenue curves at a price level so that the firm is earning $0 economic profits (HINT: The breakeven price level.)
3. Explain why:
a. MR = MC
b. P = MC
c. MC = ATC
d. ATC is at its minimum point.
A doctor earns $250,000 per year, while a professor earns $40,000. They play tennis against each other each Saturday morning, each giving up a morning of relaxing, reading the paper, and playing with their children. They could each decide to work ..
Discuss the current policy issue regarding cyber issues in terms of the five stages of the policy making process. 500+ words with academic resources
Suppose a consumer’s preferences can be represented by the utility function U(X,Y) = Min (2X,Y). Also, suppose the consumer has $300 to spend and the price of Good X is PX = $3 and the price of Good Y is PY = $1.
What price should the firm charge if it wants to maximize its profits in the short run?
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Bob has an income I = $1000 to spend on clothing and food. Letting y represent the number of units of food and x represent the number of units of clothing that he purchases, his utility function is given by:
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