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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?
Conduct an analysis of the demand for the organization product and or services by - Discussing the source of your numerical price and other data.
Which of the following changes to fiscal stimulus package of 2009 for $862 billion (under the bill called American Recovery and Reinvestment Act of 2009) would have a larger overall impact on AD? Explain your answer with credible logic and analysi..
Select and evaluate a specific tariff or non-tariff trade barrier. Explain the impact of the tariff or non-tariff trade barrier on the global trading system.
Omega Travel competes in the highly competitive market for travel. Consumers know that Omega has the best agents in the industry and offers superior service. Nonetheless, Omega earns zero economic profits because numerous competitors have entered the..
Ethical behavior in business paper.
The amount that a hospital will be paid for treating a Medicare patient is determined before the patient ever sees a physician.
If a machine cost $50,000 initially and is expected to last for 20 years but is worth $60,000 after one year because it is in short supply, an economist most likely would say that:
If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $1000 deposit?
Licensure of physicians means that to some extent, the supply of physicians can be viewed as a vertical line. Explain what this means for the price of physician services. How might this change over time?
Consider an industry described as a duopoly consisting of two symmetric firms producing homogeneous product. Inverse demand function is P = 1500 -10Q and each firm has a marginal cost of $20 with fixed cost of zero.
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
Make sure you give complete definitions and explanations for this set of questions. When dealing with thedecrease in income, you will want to talk about the effects on thebudget constraint and the consumption bundle of the consumer.
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