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1. In a pure competition market, producers should produce and sell where P=MC. Why? Why couldn't they price their product above MC or wherever they want? Explain your reasons. 2. During the most recent recession General Motors and Chrysler lost huge sums of money in their operation (not counting government bailout money they could not assume they would get). How could they continue to operate at a loss? 3. You want to determine the profit-maximizing production quantity for a monopolist. You can ask the firm's consultant to draw the firm's revenue and cost curves, but each curve would cost you $1,000. From the following list indicate which curves you will request and why? a) average total cost, b) average fixed cost, c) average variable cost, d) marginal cost, e) demand, and f) marginal revenue. 4. Why do Senior citizens pay less than everyone else for admission to a movie, but pay the same as everyone else for movie-popcorn? 5. Critical Thinking: Think about this statement from a wheat farmer to the workers. "The price of wheat is low this year, and the most I can get for the crop is $35,000. If I pay you the same amount as last year ($30,000) I will lose money because I also had to pay $20,000 three months ago for seed and fertilizer. I'd be crazy to pay a total of $50,000 to harvest a crop I can sell for only $35,000. If you will work for half as much as last year ($15,000), my total cost will be $35,000 and I will break even. If you don't take a pay cut, I won't harvest the wheat." Is he bluffing? Does the farmer make economic sense? Why or why not?
how many pineapples will she consume? If her income increases to $120, how many grapefruits will she consume? Are grapefruits a normal or inferior good?
What is regression's predicted earnings for a 25 year old worker. A 45 year old worker.
What is the new equilibrium price and output in the short run for both the industry and each firm.
Illustrate what is the difference among the multiplier in a closed private economy also the multiplier in a mixed open economy.
Federal Reserve lowers the required reserve ratio from 0.10 to 0.05. How does this affect the simple money multiplier.
they have the same demand curve for computer services. Use a graph to illustrate the overall value of computing services to the consumer. What does this imply about the profit maximizing price HAL can charge for the computer hardware.
Assume that major wheat producers in the world increased their land under wheat by 30 percent. Graphically show the effect of increase in land under wheat on the grain market.
Explain how low must a quota be in effect to have an impact. Using a demand-and-supply diagram, illustrate and explain the net welfare loss from imposing such a quota.
Illustrate what are the types of business organization/ company forms, and their pros and cons (advantages and disadvantages) from an economist point of view.
What would the' peso- dollar exchange rate be if purchasing-power parity holds? If a monetary expansion caused all prices in Mexico to double, so that soda rose.
Elucidate how much does the total amount of deposits in the banking system increase. By elucidate how much does the money supply increase.
Your current car has a trade-in value of $12,600. A new car can be financed at a nominal interest rate of 4% compounded monthly. How much will your monthly payments be?
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