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Which of the following statements is true?
(A) The MC curve of a profit maximizing firm must increase and cuts its MR curve from above at the firm's maximum output
(B) The MC curve of a profit maximizing firm lies below its MR curve then rises and cuts its MR curve from below at its profit maximizing price and output levels
(C) The MC curve of a profit maximizing firm must decline and cuts its MR Curve from above at the firm's profit maximizing output level
(D) none of the above
Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P = 250−20Q, where P is the price (in cents per bottle) and Q is the quanti..
For each of the following pairs of items, say if they are perfect substitutes, imperfect substitutes, or perfect complements and draw an indifference curve map.
A firm in a perfectly competitive market will produce no output in the short run if the price is below $20 but will produce if the price is above $20. The smallest quantity they will produce in the short run is 6. Firms will earn 0 economic profits i..
In your opinion, does the Houston Medical Center, in which many hospitals gather, represent an example of perfect competition, monopolistic competition, collusive oligopoly.
Suppose that computers use two units of capital for each worker, so that KC = 2LC, while shoes use 0.5 units of capital for each worker, so that KS = 0.5LS. There are 100 workers and 100 units of capital in the economy. Solve for the amount of labour..
Population growth in developing nations has proceeded at unprecedented rates ower the past few decades.
Discuss whether each statement is an example of positive economics or normative economics or if it contains elements of both: an increase in the personal income tax will slow the growth rate of the economy.
Suppose Mayor Emanuel proposes a project that will cost $200,000 today, $100,000 next year and 15,000 to dispose of it in ten years when the project is completed. Once finished three years from today, it is expected to generate a net income of 40,000..
Assume that the skateboard industry is monopolistically competitive. Assume that skateboard manufacturers are earning short-run economic profits. At the profit maximizing price you identified in part a, would the typical firm’s demand curve be price ..
Assume Hailey's Utility Function is U = x^2 y . The price of X is $8 per unit and the price of Y is $2 per unit. Her income is currently $240 / month. Determine her utility maximizing quantities of x and y. Suppose the price of X goes down to $4 per ..
Describe if the demand for the following products is price elastic or price inelastic, and explain your answer.
If you were desinging such an amendment, do you think it would be better to require that the actual budget deficit be kept at zero each year, or should the aim be only to keep the structural deficit at zero? Discuss.
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