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Suppose that an oligopolistically competitive restaurant is currently serving 230 meals per day (the output where MR=MC). At that output level, ATC per meal is $10 and consumers are willing to pay $12 per meal. What is the size of this firm's profit or loss? Will there be entry or exit? Will this restaurant's demand curve shift left or right? In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $8.
What is the size of the firm's profit. Suppose that the allocatively efficient output level in long-run equilibrium is 200 meals. Is the deadweight loss for this firm greater than or less than $60?
You observe an Olympic Athlete in the long-jump. Suppose the distance of each jump is a random variable that follows a normal distribution with mean and variance2. He jumps 8 times and records the following distances.
Our politicians frequently discuss what we need to do with respect to immigration reforms in this country. Some critics, however, suggest that a focus on legal reforms will not impact the situation significantly
Raider Inc., an American importing firm anticipates an outflow of ¥893 million in 6 months. Raider's management team is worried about the course of the ¥/$ exchange rate over the next 6 months and decides to hedge.
Reflect upon the ethical requirements imposed on businesses by the law and society. Sarbanes Oxley was enacted in response to widespread ethics violations. Do publicly traded companies owe ethical duties to their investors beyond making a profit
Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall
Develop a preliminary SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis for QMC. Because this is a new target market with a smaller computer, you want to make sure you are including your current customers. Be sure to consider your com..
Information Technology (IT) has been around for a long time but most health care organizations have not embraced information technology as much as most other industries. Discuss this issue as it relates to your organization. Given the material in..
Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
Graph the typical consumer’s demand curve. Use your graph to figure out what price Philadelphia Electric should charge for the first 400 Kilowatts used. What should it charge for the next 400 Kilowatts? the next 400?
Compute the price elasticity of demand for paint and show your calculations. Decide whether the demand for paint is elastic, unitary elastic, or inelastic. Explain your reasoning and interpret your results.
Draw a real expenditures curve on a graph showing a recessionary gap. Explain what happens to real GDP when it is initially to the right of the equilibrium point and why Indicate two public policies that would be appropriate for addressing this si..
Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to..
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