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1. Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
2. Define Short Run Production Costs (TC, FC, VC, ATC, AVC and MC). Why ATC, AVC, and MC are U-shaped?
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
Briefly discuss whether this problem provides enough information to determine whether the equilibrium price and quantity of trucks increased or decreased.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX?
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
Compute the price, output, and profit contribution if the product is not certified. Compute the price, output, and profit contribution if the product is certified. Should the firm undergo the certification process?
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:
Explain what happens to the primary deficit in year t if the nominal interest rate in year t increases to 17%.
Determine your optimal pricing strategy if you and your rival believe that the new Jeep is a "special edition" that will be sold only for one year. Would your answer differ if you and your rival were required to resubmit price quotes year after ye..
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