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Which of the following statements is false? In the short-short run a firm:
(A) Incurs only fixed costs
(B) Its average costs are its average fixed costs
(C) Its marginal costs are also fixed
(D) Its total costs are its total fixed costs.
Problem: Consider a monopolist who has a constant marginal cost of MC = 20. Find the profit-maximizing quantity and price if the inverse demand curve is P = 620 - 25Q.
The inverse demand function of a group of consumers for a given type of widgets is given by the following expression: π = −10q + 2000[$] where q is the demand and π is the unit price for this product. Determine the maximum consumption of these consum..
The law of demand states the basic price/quantity relationship of consumption incentives. Ow does the concept of "price elasticity" add to that knowledge? Using the price elastic concept develop a real world testing example
A product has a negative income elasticity. What does that measure tell us about the product? Answer should be two paragraphs.
A firm has the production function y = x1 + min{x1, x2}. Draw three isoquants for this firm. Does this firm have constant returns to scale?
Suppose a business experiences a sudden increase in its fixed costs. For example, suppose property taxes increase dramatically. What impact, if any, will this have on the following?
The Shopping Channel (TSC) has contracted out the management of its large global network of thousands of computers to Morhel Communications (MC), a network management specialist.
Wal Mart does carry goods in which are perfect competitive. How do we know this? Wal Mart introduced their own brand to compete with the branded good and of course mark their 'GREAT VALUE' brand cheaper than their competitors. A good thing? I would s..
Regarding the Sherman Act: A. Section 1 makes collusion illegal. Is this socially desirable? Are there any conditions under which collusion can be socially desirable? Explain. B. Section 2 makes it illegal for a firm to attempt to monopolize a market..
Which of the following was not a contributing cause of the decline in investment and thus the recessionary expenditure gap occurring during the U.S. recession of 2001.
full over the last month, are you optimizing. Illustrate wow about if it is 75% full at 9 am.
Suppose demand for a good is QD = 50 - P and supply is QS = -10 + P. How much is the producer surplus? How much is consumer surplus?
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