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Maximizing the Profit Margin? According to the marginal principle, the firm should choose the quantity of output at which price equals marginal cost.
A tempting alternative is to maximize the firm s profit margin, defined as the difference between price and short-run average total cost.
Use the firm s short-run cost curves to evaluate this approach. Draw the firm s short-run supply curve and compare it to the supply curve of a firm that maximizes its profit.
Which of the following two statements involves positive economic analysis and which normative? How do the two kinds of analysis differ?
In equilibrium, the rate of growth of the capital stock in a closed economy is primarily determined by:
Consider the market for soft drinks. You know that the demand curve in this market contains the points (Q, P) = (100,000, $1.00) and (50,000, $2.00). You also know that the demand curve is linear. The linear supply curve contains the points (Q, P) = ..
Part 1. Identify most sold bread type
Which of the following factors would most likely explain why a U.S. company would choose to operate in the U.S. despite much lower wages in Mexico.If a monopolist is earning profits, then price is greater than average total cost.
A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output and each hour of labor produces five units of output. For L number of workers hired each hour and w hourly wage rate, the firm faces an upward- sloped labor..
Explain the tools used to pursue expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate? Explain what is meant by a built-in stabilizer and give two examples
Think about an extension of the specific-factors model, in which, in addition to their wage, labour also earns some part of the rental on specific factor in their industry,
a pollutoin control agency is considering the following rgulatory policies: (i) taxing the use of one input that increases pollution. (other inputs affect pollution too, both increasing and decreasing it) (ii) taxing the final goods that firms produc..
Suppose that you are in the business of providing cat grooming services and you are a member of an association who has proposed legislation anybody wanting to offer cat grooming services would have to pay for extensive training and pass a series o..
What, from your point of view, is the optimal contract to offer him? Will salesman give high or low effort under this contract? What will be your profits?
A decision maker wishes to maximize total benefit, B = 3x + xy + y subject to the cost constraint, C = 4x + 2y = 70. Setup the Lagrangian and then determine the values of x and y at the minimum level of benefit, given the constraint. What are the max..
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