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Sunrise Juice Company sells its output in a perfectly competitive market. The firm's total cost
function is given in the following schedule:Output Total Cost(Units) (RM)0 5010 12020 17030 21040 26050 33060 430Total costs include a "normal" return on the time (labor services) and capital that the ownerhas invested in the firm. The prevailing market price is RM7 per unit.
a. Prepare (i) marginal cost and (ii) average total cost schedules for the firm.b. Illustrate what is the firm's profit maximizing output level?c. Is the industry in long-run equilibrium? Justify your answer.
An increase in the number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
What is your thought about tracking the U.S. Economy and Unemployment and Inflation.
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
Explain why the food stamp program can have the same effect on the consumption pattern and well-being of recipients as an outright.
B involves the polluters in each region independently negotiating pollution deductions, assuming the other region is not undertaking pollution reduction.
Illustrate what change in the economic enviJorgement led to this new equilibrium.
Explain where is the economy operating relative to its potential GDP
If Michael is spending all of his money on these 2 snacks which he purchase more chips also less ice cream as well as purchase less chips.
Suppose the owner of the trawler can sell al the fish caught for $75 every 100 pounds also can hire a man crew members as desired by paying them $150 every week.
The local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling
If Jones sells the equipment today for $180,000 and its tax rate is 35%, what is the after-tax cash flow from selling it.
Consider what you have learned about the root causes, as identified by leading economic thinkers and policymakers.
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