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Frances sells earrings in the perfectly competitive earring market. Her output per day and costs are as follows: OUTPUT PER DAY TOTAL COST 0 1 1 2.5 2 3.5 3 4.2 4 4.5 5 5.2 6 6.8 7 8.7 8 10.7 9 13 a) If the current equilibrium price in the earring market is $1.8, how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make? Draw a graph to illustrate your answer. Your graph should be clearly labled and should include Frances's demand, ATC, AVC, MC and MR curves; the price changing; the quantity she is producing; and the area representing her profit or loss. b) Suppose the equilibrium price of earrings falls to $1. Now how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make? Show your work. c) Suppose the equilibrium price of earrings falls to $0.25. Now how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make?
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor and M, materials.; that is, this is a input factor production function. Take the log of the above fun..
Suppose that, for the population of all entering freshmen, the distribution of the number of correct answers would be normal with a variance of 250. what is the probability that sample variance would be less than 100?
A black market
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
1. Define business cycles. How is national debt affected by business cycles?
Assume that a consumer has the utility function U(x,y) = (3x+1)y, where x and y represent the quantities of two goods, X and Y. For parts (a)-(h), assume that good X costs pX=$3 per unit and good Y costs pY=$4 per unit. “Wealth” and “income” have the..
What would an increase in government purchases do to aggregate demand? When would an increase in government purchases be an appropriate countercyclical fiscal policy? If the current budget shows a deficit, what would an increase in taxes do to it?
Each station's objective is to maximize its viewing audience, in order to maximize the station advertising revenue.
summarize how the test affected the court proceedings. Submit your paper as a Word document to your instructor. Remember to correctly cite your sources.
Suppose that initially the price is $50 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently and some firms leave the industry and the industry returns back
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
Elucidate in detail how banks operate. Include a description of how banks generate profits.
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