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Suppose Frank is a monopolist in the garden gnome market and is producing his profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one of his gnomes is $160. It can be concluded with certainty that the marginal cost of the last gnome Frank sold was _____, everything else held constant.
1. greater than $160
2. greater than or equal to $160
3. $160
4. less than or equal to $160
5. less than $160
An individual, who has income I, cares only about two goods: X and Y. Their prices are Px and Py, respectively. The individual's utility function is U(X,Y)=aln(X)+(1-a)ln(Y).
Explain how does the subsidy affect consumer surplus, producer surplus, tax revenue, and total surplus. Does a subsidy lead to a deadweight loss. Explain
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A trend analysis for a farm business could be performed using what kind of data for comparison?
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. What will happen.
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This discussion is about the excerpt from "Office Space." In the movie Peter says: “It’s not that I am lazy. It is that I just don’t care…The problem is one of motivation.” What kind of problem is depicted in the movie? Is it one of moral hazard or ..
Eighty five years ago, America's 12-year Great Depression began with a crash. The bottom fell out of the stock market on October 24, 1929, signaling the start of the longest and deepest economic decline in the nation's history. Could the crash happen..
A justification for job training programs is that they improve worker productivity. Suppose that you are asked to evaluate whether more job training makes workers more productive. However, rather than having data on individual workers, you have acces..
The current price of gold is $1,800 an ounce, and the current futures price is 1,850 an ounce. Suppose you expect the price of gold to rise and you enter a long position into a future contract to buy gold. What is the amount that you must deposit (ei..
what is the expected economic life for this water pump and what is the minimum annual equivalent cost.
You decided to purchase a new hummer for 60,000. If the dealer offers a $5000 rebate, what would your monthly payments be if your interest rate is 6.5% and you pay it off in 4 years?
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