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What is the golden rule of profit maximization? Explain why the rule maximizes profits. Why are economic profits zero all along a long-run supply curve in perfect competition? Perfectly competitive firms are called price takers. What does this mean? Why are they price takers?
to increase revenue and profit a firm is considering a 4 increase and an 11 increase in advertising. if the price
Choose any 2-of the 4-basic strategies used to preserve security and identify and explain what assumptions are created about the opponent based each of the two strategies that you select.
the operator of a centralized market for electrical energy has received the bids shown in the table below for the
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
If the firm wants to produce one unit of output at minimum cost, how much should it produce in each plant? If it wants to produce two units of output?
Give a numerical example to show that a monopolist's marinal revenue can be upward-slping over prt of its range
1 long-term economic growth is a term used to describe thea more rapid growth in population than of real outputb
They argue that in most situations, we couldn't avoid nudging even if we wanted to, because whatever pol- icy we choose will contain some set of unconscious nudges and incentives that will influence people.
1. under the gold standard there was penalty for running a payments deficit but no penalty for running a payments
the economic union was formed in 1957 by west germany france italy belgium the netherlands and luxembourg. today 27
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
Consider the utility function \(U(x,y) = y\sqrt{x}\) a)Does the consumer believe that more is better for each good? b)Do the consumer's preferences exhibit a diminishing marginal utility of x? Is the marginal utility of y diminishing?
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