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The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output. Table: 10.1 Output Price Marginal Cost 0 $1 $0 1 $1 $1.00 2 $1 $.80 3 $1 $.70 4 $1 $.50 5 $1 $.50 6 $1 $.70 7 $1 $.80 8 $1 $.86 9 $1 $1.00 10 $1 $1.09 According to the information in Table 10.1, the marginal revenue of the firm: a. is equal to the marginal cost at each level of output. b. is equal to price times output. c. is equal to price times marginal cost. d. is equal to $1 at all levels of the output. e. decreases with an increase in output.
Adam Smith favours a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Complete the following table by indicating whether each of the statements is an example of a price ce..
"There are times when the goals of the FED are in congruence with those of commercial banks and there are times when they are in conflict." Do you agree with the statement? Why or why not? Limit your response to one paragraph.
What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
You own a consulting firm and are approached by a potential client with the following problem: Consider two firms—one that produces electricity, the other is a laundry/dry cleaning business. Identify and explain the issues involved in this situation..
In a small open economy, if exports equal $40 billion, imports equal $10 billion, and domestic national saving equals $35 billion. (a) Calculate the amount of investment in this economy. (b) How much is the net capital outflow? (c) What will happen t..
If the economy decides to achieve the Golden Rule level of capital also actually reaches it, illustrate what will be the marginal product of capital.
Which of the following items used to produce a product is a capital item?
Two identical small poor countries, Country A and Country B, have a well educated population but small capital stock. Initially they both have closed economies. Country B opens up for the world and can be observed as a small open economy. In what cou..
Elucidate how advertising can be employed to allow Tots-R-Us to keep cost above average cost with encouraging entry.
Boyd Company sold a futures contract (one) on Treasury bonds that specified a price of 93-00. When the position was closed out, the price of the Treasury bond futures contract was 94-20. Did interest rates increase or decrease? How do you know? What ..
What opportunities might current International Monetary Fund (IMF) lending policies to developing nations create for international businesses?
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