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1. What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?
2. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average total cost curve is rising, what is necessarily true of the marginal cost curve?
3. List and describe the characteristics of a perfectly competitive market.
4. Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm sets its price below the current market price, what effect would this have on the market?
5. Explain how a firm in a competitive market identifies the profit-maximizing level of production. When should the firm raise production, and when should the firm lower production?
6. If identical firms that remain in a competitive market over the long run make zero economic profit, why do these firms choose to remain in the market?
Suppose that the market for gnomes is yet to reach equilibrium, and that the current price and quantity in the market for gnomes.
a college admissions officer for an mba program has determined thathistorically applicants have
a)Explain how the marginal principle and the pollution tax work together to determine the optimal amount of pollution abatement. b)Economists say that labor demand is a derived demand. Explain the concept of derived demand.
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
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How can you justify the existence of government-granted monopolies for public utilities such as natural gas distribution and electricity in the light of traditional economic argument that the more competition there is, the more likely it is that a..
consider a country called hitech where new arrangements for making payments such as credit cards and atms have been
Compute the Modified BCR for MM. Compute the Modified BCR for PP. Which alternative should NJGSP choose and why?
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
What role should our government play in Price Ceilings?
For the next 3 questions, assume that there is a $8 per unit excise tax levied on the consumers of the product. C) What price will buyers pay after the tax is imposed D) What is the deadweight loss created by the tax E) What is the quantity of the go..
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