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If the (profit-maximizing) level of output that a monopolist produces is such that marginal revenue, marginal cost, and average total cost are equal at that level of output, then economic profits must be: a) negative B) positive C) zero D) indeterminate from the information given
If expected inflation is constant and the nominal interest rate increased 5 percentage points, what would happen to the real interest rate?
The South American cocaine industry consists of several "families" who obtain the raw material, refine it, and distribute it to the U.S. There are only about 3 large "families", but there are several small "families". What market structure does this ..
A perfectly competitive firm sells 50,000 units of knives at a price of $3. The firm's average cost at 50,000 units is $2.75. Calculate the firm's profit.
Suppose that Italy and Germany both produce fish and wine. Italy's opportunity cost of producing a bottle of wine is 4 pounds of fish while Germany's opportunity cost of producing a bottle of wine is 9 pounds of fish. By comparing the opportunity cos..
Suppose a perfectly competitive firm sees that price is $23 in the market place. It notices that the cost of producing the next unit of output is $26. What advice would you give to this firm?
The city of Touristburg has implemented a lodging tax equal to 2% of gross revenue at local hotels. If you stay in a hotel that costs $250 per night for 3 nights, how much will you pay in lodging taxes? The city of Touristburg estimates the annual gr..
Draw the demand curve and show the values of the price and quantity intercepts using the linear equation for Qx=28,000,000-Px divided by 1000.
Suppose a firm's demand curve is given by P = 120 - 0.5Q. Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or inelastic? Please list steps and explain why demand is elast..
Determine the returns to scale, that is, briefly show whether the following productions exhibit DRS, CRS or IRS.
Suppose that in a day a worker in the United States can produce 10 bushels of corn or 2 shirts. In Russia a worker can produce 9 bushels of corn or 3 shirts in one day. Which of the following would benefit both the United States and Russia if trade o..
q1. demonstrate graphically the cost of income taxation of 30 to consumers and producers for an income of
Discuss what happens to equilibrium price and sales. Explain why or why not this makes sense in the real world.
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