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A monopolistically competitive firm produces a level of output at which price equals $80, marginal revenue equals $40, average total cost equals $100,marginal cost equals $40, and average fixed cost equals $10. To maximize profit,the firm should produce a smaller output and sell it at a higher price.
Explain how would this affect the elasticity of demand for gasoline
An oil cartel effectively increases the price of oil by 100 percent leading to an adverse supply shock in both Country A and Country B. Both countries were in long-run equlibrium at the same level of output and prices at the time of the shock.
If a new home can be constructed for $150,000, what is the opportunity cost of federal defense spending, measures in terms of private housing? (assume a defense budget of $600 billion)?
Keynesian Economics: Suppose the following about the economy of the United States: Government spending = 660, planned investment (Ip) = 215, autonomous consumption is 200, net exports is 100 and taxes are 100. In addition, for each additional $1 o..
Why does a government place price ceilings, such as rent control, on some "essential" goods. to encourage an increase in supply of necessary items, to limit the impact of equilibrium pricing or else.
Why might you expect to see flat royalty payments in home-based franchises but revenue-based royalties in franchisees that operate from commercial buildings. Among the most popular home-based franchises are cleaning services offered to business an..
If you were going to invest money, given today's financial market status, where would you invest your money today? What would generate the highest return? What would be the safest investment?
Describe the opportunity cost of good 1 in terms of good 2. Find out the opportunity cost of good 1 at the point where x1=1.
Carl paid $40,000 to the City of Hollywood for general revenue bonds. During the current year, he receives $2,300 interest income from the bonds. Market interest rates drop causing the value of the bonds to increase so Carl sells the bonds for $43,00..
ACME Corporation consists of 250 grocery stores throughout the Midwest. At the starting of 2008 its statement of net worth showed the following data,
The Bureau of Economic Analysis has been hit by the flu; consequently, it has been slow in getting out data on economic performance. A recession is developing, but nobody knows it yet. This delay is an example of
Consider a firm with the following Cobb-Douglas production technology: f(k; l) = [k^(3/4)l^(1/4)] Suppose the firm faces competitive factor markets and wants to minimize the production cost of producing y units of output. a) Write down the firm's cos..
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