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a. The profit-maximizing price is $________ and the firm should produce _______units of output.
b. The elasticity of demand at the profit-maximizing point on demand is __________ (elastic, inelastic, unit elastic), as it must be for profit maximization to occur. Total revenue ________ (is, is not) maximized at this point on demand.
c. The maximum possible profit for this firm is $___________________ (indicate a loss with a negative sign).
d. The firm __________________ (should, should not) shut down in the short run because it would lose $____________ if it shut down.
What does the CPSP (Centralized Private Sector Planning) thesis say about the difference between the modern industrial economy and Adam Smith s economy?
If this tariff is imposed, how much will consumers pay for a pound of tea. What is the quantity demanded. Compute the decline in consumer surplus.
In January, the interest rate is 5 percent and firms borrow $50 billion per month for investment projects. In February, the Federal government doubles its monthly borrowing from $25 billion to $50 billion. That drives the interest rate up to 7 percen..
Depict this data with a Pareto chart. Also depict cumulative complaint line. What percent of total complaints can be attributed to most prevalent complaint.
When abdominoplasty costs were $6,000, Dr. Hurwitz treated 300 patients. When they dropped the price to $5,000, customers increased to 400. What is the elasticity of demand for abdominoplasty using arc elasticity or the midpoints formula (rounded-off..
Suppose a bond which makes annual coupon payments has a coupon rate of 10 percent and 5 years to maturity. You wish to purchase one of these bonds and you require an 11 percent return on your investment. What price should you be willing to pay for th..
We know that one of the key requirements for a market remain monopoly is to keep high barriers for others to enter the market. We have also learned 5 ways that how does monopolist set high barriers (Lecture slides pages 8-14). Give one example of ind..
According to Keynesian theory:
The ultimate result of this one-shot, simultaneous-move game depends upon the choices made by both competitors.
Explain this statement: “Monopolists can set price and output since they are the only producer, but this does not necessarily guarantee they will make a profit.”
The market for roofing services suffers from asymmetric information because customers don't know the quality of roofers' work. Which of the following DOES NOT help overcome this information problem?
Consider a new per-worker employment tax on workers (where previously there was no tax). Outline the consequences of this tax on the local labor market. Use appropriate, clear, and well-labeled diagrams. In your answer show (1) the burden of the tax ..
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