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Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.3q3 – 15q2 + 200q + 100, and short-run marginal cost equation of MC(q) = 0.9q2 – 30q + 200, if the firm produces 25 units of output: a. Solve for total fixed cost, total variable cost and total cost. b. Solve for the firm’s average fixed cost, average variable cost and average total cost. c. Use the MC(q) equation to solve for the marginal cost of the last unit produced. d. Solve for whether the firm has short-run economies of scale or diseconomies of scale.
Why might investment not respond positively to low interest rates during a recession? Why might investment not respond negatively to high interest rates during a boom?
Which of the following is true about perfect competition?
Write the total and marginal revenue functions.
Complete the columns for to conclude the profit maximizing output for this firm. Draw the relevant graph to show the profit maximizing output.
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Suppose that consumers’ incomes increase by 16 percent, which results in a 0.4 percentage increase in the consumption of farm goods at current prices. What is the income elasticity of demand for farm goods?
Explain your first instinct is to call the trade representative of your country to lobby against the import quota. Is following through with your first instinct necessarily the best decision.
Consider the Golden Rule level of capital. Suppose a country found out that they are overcapitalized, that is their current steady-state capital stock per worker is greater than the Golden Rule level. What does that imply for their level of MPK relat..
Sales are 3,100 at a price of $200 and 2,400 at a price of $300. Calculate the price of elasticities of demand using $200 as the base value; then use $300 as the base value. Calculate the arc price elasticity and compare the three calculations. How d..
George W. Bush was elected president in 2000 and his administration conducted fiscal policy together with the monetary policy conducted by the Fed responding to the recession. Although the fiscal policy conducted by the Bush administration successful..
It is often claimed that an added benefit of pollution abatement projects sponsored by the government is the increase in employment generated by these projects. Evaluate this by answering the following. Where do governments obtain the funds to undert..
A firm is hiring 9 workers at $8.00 per hour. In order to hire an additional (10th) worker it must raise the wage it pays (to all workers) to $8.50 per hour. The marginal factor cost to the firm of hiring the 10th worker is
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