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Sometimes we use math to determine precise cost curves . Other times, we must rely on our economic intuition to determine how various situations will impact our firm's cost curves. For each of the four scenarios below, determine how each event would affect our firm's marginal, average, and average variable cost curves. Consider each situation independently.
a. An increase in employee wages
b. A decrease in material costs
c. The government imposes a fixed amount of tax (i.e. it is not a percentage tax but a fixed dollar amount)
d. The rent that the firm pays on their building lease decreases.
you will apply important microeconomics concepts toward the competitive strategies of an organization that operates in
Nobel Laureate Robert Fogel of the University of Chicago has argued, "Expenditures on healthcare are driven by demand, which is spurred by income and by advances in biotechnology that make health interventions increasingly effective." If Fogel is ..
Presume real output is 12,500, and the demand for real money balances is Md/P = Y/4 - 125i. If the equilibrium interest rate is 7 %, compute the money supply. If the central bank sets the interest rate at 8 % what is the new money supply?
Before the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. During the war, one of Lincoln's first actions was to blockade the ports, which prevented this trade.
A university is deciding between two meal plans. One plan charges a fixed fee of $600 per semester and allows students to eat as much as they want. The other plan charges a fee based on the quantity of food consumed. Under which plan will students..
As long as there are barriers to entry, a monopoly can always find some price-output combination that generates positive economic profits. As long as the demand curve slopes down, a monopoly can always find some price-output combination that genera..
analyze and comment on economic analyses of health administrative innovations that are germane to the provision of
What will be each workers daily earnings and How many bicycles will each worker assemble per day - Calculate the optimal lifetime incomes W+ and W- the firm will promise the two employees.
Using the years 1975 to 2006 (and denoting the time variable by the integers 1 to 32 for simplicity), estimate the linear time trend of housing prices. Use the same data to estimate an exponential trend. How well does either trend fit the data?
Use the graphical method to determine how many of each type of boot should be produced and what are the shadow prices of materials and labour?
For what values of λ and y will signaling occur (a separating equilibrium)? For what values of λ and y will signaling not occur (a pooling equilibrium)? Briefly explain.
Determine what price Katrina's Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.
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