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If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that
a. marginal revenue exceeds marginal cost. b. marginal cost exceeds marginal revenue. c. total cost exceeds total revenue. d. None of the above is correct.
As the employer who wants to reduce the production cost during the economic recession, he or she could choose to (1) lay off some workers without changing wages or (2) keep all workers but cut wages for all.
How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
Determine what happens in the new equilibrium. Does the individual buy more or less of OG. Does the individual buy more or less of HC. Explain why.
Compute the best response function of each firm in terms of prices. Compute the resulting equilibrium price quantity combination for each firm. Describe your answer with a suitable graph. Also calculate optimal profits of each firm.
Describe the market growth rate for product and service.
The long-run aggregate supply curve is vertical at economy's potential output level. Why is the long-run aggregate supply curve situated at his level of output rather than below or above the potential output level?
Individual investors lost millions and the NASDAQ (the stock exchange for most Internet companies) came tumbling down. What happened? Why did it happen? What could have been done to stop this unsafe surge in valuation?
Employ the Internet or other resources to find out an article relevant to activity-based costing (ABC), job costing, or process costing. Make a 125-word executive summary of your article.
Compute the average product of grain when each amount is used. Determine the marginal product of grain when between 1,200 and 1,800 pounds are fed, when between 1,800 and 2,400 pounds are fed, and when between 2,400 and 3,000 pounds are fed.
Give the percentage change in the rental on capital and percentage change in wage and compare the magnitude of the percentage in the rental on capital with percentage change in wage in part (b). Use notational format.
Plot the marginal revenue and marginal cost curves and is the industry the firm operates in competitive? Is the industry in long-run equilibrium?
What was Morita drawing and what did he know about costing that the chain store representative was overlooking? Be sure to describe or chart the shape of Morita's costing sketch in your answer.
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