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Short-Run Economic Costs Suppose a firm has a short-run cost equation of C(q) = 0.1q3 - 3q2 + 60q + 1000, and short-run marginal cost equation of MC(q) = .3q2 - 6q + 60, if the firm produces 25 units of output:Use the MC(q) equation to solve for the marginal cost of the last unit produced.
What number do I use for 'q' for the final unit? Do I use 25 because it is the 25th unit produced? And if so, how is it possible to have a negative MC
Describe three problems of using fiscal policy to achieve a precise level of GDP and why is frictional unemployment inevitable in an economy characterised by imperfect job information and non-zero job-search time?
which country has the greater opportunity cost of producing olive oil b)the country which would end up exporting wine and which would export olive oil after the elimination of trade barriers.Olive Oil yield 40 barrels 30 barrels
Explain briefly how a change to the following MS, MD, or P would shift LM function to right. Include in your discussion whether the variable would have to increase or decrease to cause the rightward LM shift.
There be surplus supply or surplus demand. What would be the quantity of surplus demand or surplus demand.
Given the following variable in open economy aggregate expenditure model, autonomous consumption= 200, autonomous investment=200,
Consider city of Silver Spring, where zoning laws limit the number of video arcades to one. The city only video arcade has a price of $.50 a game with an average cost of $0.34 a game.
Elucidate how does each challenge the other and improve on previous work.
Assume a monopolist faces the market demand function P=a-bQ. Its marginal cost is given by MC = c+ eQ. Suppose that a > c and 2b + e > O.
Someone advocates using fiscal policy to stimulate the economy and reduce unemployment.might this person advocate to implement the fiscal policy. increase federal spending, reduce tax rates or else.
Describe why Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near full employment and becomes especially steeply sloped beyond full employment RGDP
Assume there are two types of consumers: type A consumers have a demand Q = 10 ? P for widgets, and consumers of type B have a demand Q = 5 ? P. Assume that there are 10 consumers of each type. (a) Calculate the market demand.
Suppose that the tax rate on the first $10,000 income is 0; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $30,000; and 40 percent on any income over $80,000.Family A has an income of $40,000 and Family B has..
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