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Edward the entrepreneur takes 2 hours to cut a lawn and he cuts 100 lawns per year. He uses solar-powered equipment (truck and mower) that will last forever-and could be sold at any time for $20,000. Edward could earn $20 per hour as a pedicurist. The interest rate is 10 percent.
a. Given his current output level, his marginal cost is $__(enter your response to the nearest dollar)and his average cost is $_____(enter your response to the nearest dollar)
b. Suppose he decides to reduce the number of lawns cut by half, to 50 per year. His new marginal cost is $____(enter your response to the nearest dollar) and his new average cost is $____(enter your response to the nearest dollar).
Especially illustrate the cycles or approaches toward the U.S. economy: going from one extreme to another depending upon the mood of the nation and the presidential administrations of specific time periods.
A monopolist produces according to the following demand curve: p=200 - 4Q. Assume that the firm faces a constant marginal cost and constant average total cost of 60 per unit produced. A.calculate the optimal output that this monopolist should prod..
What do you think that they would be able to effectively reflect the true marketplace benefit and price.
Explain what happens to price and quantity of oil when the following events occur:
The growth rate of the money supply is 7%, the inflation rate is 3%, and velocity is constant. What is the growth rate of real GDP?
If you select 5 microprocessors from 100 microprocessors, where 30 of the 100 are defective, what is the probability that you select no defective processors?
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
What would happen to the per worker production function for the United States economy if the US decided to double in support of universities research?
The question is belongs to Economics and it is explore about choosing the best country for manufacturing, in terms of rate of exchange. Four countries viz, Mexico, Japan, China and India have been given with their currency exchange rates.
Field discusses the key threats to sustainable management of forests and agricultural resources. First summarize these threats. Then,
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input?
Below are the list of 12 key terms provided. Create a presentation slide(s) or graphic with a description – including a real world example – that could be used to describe the term to someone unfamiliar with the idea or concept.
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