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Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
a. Your firm's costs of production? Explain.
b. The price you can charge for your remodeling services? Why?
c. Profits in home remodeling? Why?
The output effect of an increase in the wage comes about because higher wages:
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
Evaluate the money multiplier? The central bank decides to increase the money supply (M1) by $200 million through an open market operation. How much should it buy in bonds?
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
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