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17. Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
To maximize its profit, the firm should
a. increase its output. b. continue to produce 1,000 units. c. decrease its output but continue to produce. d. shut down.
The present value of the gain from employing the new factory must be less or equal to $50 million and the rate of return from the new factory must be greater than 7%.
In the summer of 1997, Congress and president agreed on budget package to balance the federal budget. The contract," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997,
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The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
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Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
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