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Mike's Cafe is a profit-maximizing, competitive coffee shio. Mike charges $2 per cup. His total cost each day is $150, of which $75 is a fixed cost. He sells 50 cups a day. What can you say about Mike's short-run decision regarding shut-down and his long-run decision regarding exit?
Give two example of a negative externality and two examples of a positive externality Explain why market outcomes are inefficient in the presence of externalities.
Explain why Chrysler's decision might have been prompted by movements in its wage costs or capital costs, or both. Why would Chrysler have instituted this production change for its most popular
Do you believe in the idea that governments should run surpluses in good years only to spend their way out of a recession in bad years Why do we often see government revenues and spending change when we are in a recession. Why or why not
How does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry or in the lawn-c..
What"s wrong with this way of thinking? “Economists claim that when the price of something goes up, producers increase the quantity supplied to the market. But last year, the price of oranges was really high and the supply
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
Consider the advantages and disadvantages of the European Union adopting a common currency and determine if this move was a good idea or not
What is the significance of resource pricing. Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand.
the haas corporations executive vice president circulates a memo to the firms top management in which he argues for a
1. consider how unemployment would affect the solow growth model. suppose that output is produced according to the
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Assuming that are regarded as the same thing irrespective of whether they occur on Saturday or Sunday, set out the maximization problem and derive the rst order conditions for an optimal solution.
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