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you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate? Use hypothetical numbers to explain. Information you need to provide include--state the product you are selling, the price of the product, the quantity of the product you produce, fixed costs, total cost, figure out total revenue, total and average variable costs. Then go ahead and make your decision. Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Consider the following Solow model of growth. Both population and work force grow at the rate of n=1% per year in a closed economy.
John is willing to purchase 7 computers. This scenario displays the law of demand. Do you agree or disagree.
Illustrate what is the opportunity cost for Italy if they only produce 1 bushel of grapes? What about 1 computer.
Explain how an increase in interest rates initiated by the Federal Reserve affects:
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
The public tends to view trade deficits with alarm while macoreconomics claims that trade deficits can actually be usefull for the economy. Discuss the macroeconomists position on trade defilicts
Make sure to include some final recommendations and strategic initiatives.
In a competitive market, there are two groups of firms. For every firm in group A, the long-run ATC curve is U-shaped and intersects the long-run MC curve when ATC = 20 and output is 4. There is an unlimited number of firms in group A. Every firm ..
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
A State and explain 5 factors which affect the foreign exchange value of the Irish currency (Euro). B Irish exports have risen, in recent years. Discuss the effects of this development on each of the following: (1) The amount of borrowing by the Iris..
suppose that in a given period, 9% of the unemployed people will find jobs and 3% of employed people will lose their jobs. In the U.S, unemployment is at 8.1%, 1% of employed people will lose their job, and 19% of unemployed will find jobs.
Determine what factors might contribute to a low level of productivity in an economy and compare these to rapid productivity growth experienced through the US during the 1990s.
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