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Suppose a firm must pay an annual tax, which is a fixed sum, independent of whether it produces any output.
a. How does this tax affect the firm's fixed, marginal, and average costs?
b. Now suppose the firm is charged a tax that is proportional to the number of items it produces. Again, how does this tax affect the firm's fixed, marginal, and average costs?
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Suppose that the economy is short of its full-employment (potential) level of GDP, assumed to be $14,000 billion, by $500 billion.
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Calculate the equilibrium price, firm output, total output and number of firms in the industry.
Identify and describe the five sources of growth? Mention and explain four categories (types) of policies designed to promote growth.
Explain why the authors cite ethnically segmented markets as a factor that holds back private sector development and building entrepreneurial capacity.
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
The investment demand curve is a useful tool to summarize an important and complex relationship in the economy. The determinants that may cause this Investment Demand Curve for the U.S. economy to shift are acquisition
Reflecting back on what you learned about sustainable management practices throughout this quarter; determine 5 activities that illustrate sustainable management of resources that you pursue in your everyday life.
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
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