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Say 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?
Illustrate what happens to the marginal product of each individual factor as that factor is increased, and the other factor is held constant.
Consumers often identify brand names with quality. Do you think branded products usually are of higher quality than generic products and therefore justify their higher prices
Indicate whether there will be economies of scale, diseconomies of scale, or constant returns to scale if the facilities are built optimally.
an additional $15 of investment projects in each successive rate of return range down to and including 0-5 percent range. Which of lines on above diagram represents these data.
Explain how much of the tax will the sellers pay. How much will the buyer pay for the product after the tax is imposed.
wo companies A also B are duopolists who produce identical products. Determine the long run equilibrium output also selling price for each firm.
Now looking at this scenario, would company rather increase wages slightly, not so much that it will decrease profits, but to a point where productivity may rise higher than what was originally given to employees.
If buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers.
he chinese furniture manufacturers produce high quality early amerian furniture and successfully export large quantities of the furniture to the United States.
Is the price mechanism of a perfectly competitive market a good mechanism to allocate gasoline.
An industry which generates detrimental externalities will have a marginal social cost higher than the marginal private cost to the industry.
Illustrate what should be the production level if fixed costs rose to $50,000 per month. Explain.
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