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ll market firms must be able to answer the following three questions. 1. How much output should we produce? 2. What Price should we charge? 3. If we are making a loss, should we shut down or continue to operate? Let look at the Decision Rule for the decision to shut down or continue to operate. The decision rule in your study explains that the firm should continue to operate if TR (Total Revenue) is greater than TVC (Total Variable Costs) (TR>TVC), and Shut Down if TR < TVC. How does this relate to operation in the short run vs the long run operation? (Hint: notice the decision rule regards TVC & remember R=P*Q). In the long run, are all Costs Variable?
If the rate of discount is 20 percent Would you rather receive $100 today or $120 in one year? b Would you rather receive $205 today or $240 in one year? c Would you rather receive $500 in one year or $610 in two years?
Annual per capita consumption of milk in the U.S. is 21.6 gallons. Being from the Midwest, you believe milk consumption is higher there and wish to support your opinion. A sample of 16 individuals from the Midwestern town of Webster City showed a sam..
Calculate a function M(α), which shows the maximized value of f that can be achieved, given any real number α. Is this function continuous? Assume that a consumer has the utility function U(x,y) = 3x+y, where x and y represent the quantities of two g..
Your paper should be written using a word-processing program, likely Microsoft Word otherwise a Word-compatible program.
An attorney acquires confidential information about a certain client. However, he discovers that this information is important for the affairs of a second client. In this situation, two duties are in conflict. What are these two conflicting duties? H..
A total of $400,000 will be deposited one year from now for the gas pipeline maintenance in the area. They estimate that the deposit amount will increase by $80,000 per year for 6 years thereafter, determine the equivalent: (a) Present worth and (b) ..
If a case is reversed and remanded, it:
Suppose Shiva has preferences, as indicated by the following: If he consumes more milk (M) than bread (B), then he will always be willing to give up 2 units of milk for 1 additional unit of bread to remain indifferent. With the quantity of milk (QM) ..
Illustrate what is the condition that determines whether or not the developer should assemble the parcels.
Define the key aspects of “Western Civilization” and discuss the different ways historians might understand the term. How “west” is the West, for example? What are the most important changes, in your opinion, that Western Civilization brought to huma..
If an industrial process emits a pollutant, is it more efficient to monitor the amount of pollutant emitted by each firm and establish a tax per unit of pollutant, or to
Suppose that changes in technology cause individuals to demand lower money balances for every nominal interest rate. Suppose the Fed does not adjust the money supply in response. Investigating first the money market and then tracing the effects to th..
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