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Presume that a monopolist charges (a uniform) price P = $24 and the price elasticity of demand is -6. We can conclude that its marginal cost should be:
The combination of rational expectations and perfectly competitive markets is best reflected in which of the following models?
Are the salaries received by professional sports athletes outrageously high? Must the CEO's of financial institutions receive more monetary compensations than entertainers, since their jobs contribute more to the development of the country? What are ..
In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, “If a painting can be forged well enough to..
Assume that labor supply is perfectly inelastic. If the demand for labor is inversely related to the real wage, what would the effect of a minimum wage be if it was an effective price flor in the labor market
lewis and martin are successful comedians who get utility u from consumption c. they each have the same utility
Due to a slow economy, business has been slow and you are losing money every month. The owners have asked you whether to continue operations or to shut down at least until the economy improves.
assume that a firm in a perfectly competitive industry has the following total cost scheduleoutput
If the price of a mouse pad is $7.00, describe the situation in the market. Explain how market equilibrium is restored. What is the market equilibrium if a fall in the price of a computer changes the quantity demanded of mouse pads by 20 a week at e..
A cocoa shipping firm has determined that its US demand curve is given by: Q= 6,500- 2P Where Q is metric tons of cocoa and P is the price per metric ton. The firm can import cocoa from the Ivory Coast for $1,150 per metric ton. Its shipping cost it ..
A country has a comparative advantage in producing a good if it can produce that good: At a higher opportunity cost than another country can.
A company purchases a piece of manufacturing equipment for rental purposes.
exercisegodzilla and macrosoft produce software and operating systems respectively both at marginal cost 10. each firm
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