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In the market for soccer balls are selling in a purely competitive market. A firm in the soccer ball market has an output of 5,000 balls, which it sells for $10 each. At the output level of 5,000 the average variable cost is $6.00, the average total cost is $7.50, and the marginal cost is $10.00. What would you expect the firm to do in the short run? The market in the long run?
Suppose that you have a job paying $70,000 per year. With a 5% probability, next year your wage will be reduced to $40,000 for the year. What is your expected income next year? Suppose that you could insure yourself against the risk of reduced consum..
Monopoly is often heralded as the ultimate goal of a firm, to be the only seller in a market. however the picture might not be as rosy as it appears if you actually reach monoply status. Why is that. How monopolies in real world earn huge rates of..
Two goods are purchased such that the marginal utility derived from A is 440 utils, and from B is 870 utile; the price of B is $11 and the price of A is $5.50. For a given total dollar amount spent on these two items, has total utility (combined) bee..
"Equities" is another word for
Describe the business and its likely main competitors and how would you structure your advertising and customer service to differentiate your product/service?
For each level of output except zero output, compute the average variable cost (AVC), average total cost (ATC), and average fixed cost (AFC)
q1. the demand for tulips in delft holland is estimated by the following linear regression asqd125-15p5ywhere y is
Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. How do you know that the industry is in long run equilibrium? b. Suppose that there is an increase in demand for this product. Show and explain the short-run ad..
Illustrate what is the profit maximizing price of carpets. Illustrate what is the profit maximizing price of carpets.
Touchie MacFeelie's production function is 0.1J1/2L3/4 where J is the number of old jokes used and L is the number of hours of cartoonist's labour. He is stuck with 900 old jokes for which he paid $6 each. If the wage rate for cartoonists is $5 per h..
You can write your research about social problems where the free markets are not allowed to function, which includes the market for a particular illegal good or service, a regulated market, etc.? Discuss the risks of introducing market mechanisms of ..
The marginal propensity to consume in an economy is 0.8. If the price level is fixed, a $400 increase in net exports would be expected to increase real GDP by how much?
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