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Shutdown Point Case (Average Variable Cost = Market Price < Average Total Cost) If the market price in the above example = $162.46, let's answer the following 3 questions:(1) Should the firm produce? The firm should produce as long as the market price >= Average Variable Cost (AVC).(2) If so, how much?- Profit Maximizing Rule: A firm maximizes profit by continuing to produce and sell output until Marginal Revenue (MR) = Marginal Cost (MC).- In pure competition, price = marginal revenue, so in purely competitive industries the rule can be restated as the firm should produce that output where P = MC, because P = MR.(3) What will be the profit or loss? The profit (or loss) = [Market Price - ATC] * Output
What is the average time that catalog customers must wait before their calls are transferred to the order clerk? What is the average number of callers waiting to place an order?
Which nation should specialize in which product. Explain how trading possibilities lines for each nation if actual terms of trade are 1 plum for 2 apples.
The Faculty of Economics and Administrative Sciences is considering to throw a party to its students. The marginal benefits to the students are given by MB=1200-Q2.
For se shipment patterns, what would be better brewery location for minimizing annual transportation costs to warehouses.
The economic analysis of legal concepts, such as property law, contracts, torts, the legal process, crime, and punishment. The focus of much of the material is using the scientific theory of economics to predict the effect of various policies on ..
Students are required to write an essay on a significant, recent economic event or activity and discuss an economic activity or event of interest and apply it to theoretical models and economic laws introduced during your study of topics.
If the economy decides to achieve the Golden Rule level of capital also actually reaches it, illustrate what will be the marginal product of capital.
Illustrate what is the equilibrium price and equilibrium quantity. What would you expect to happen to price.
When an incumbent maintains a price below the monopoly price in order to prevent entry. The act of charging a low price initially upon entering a market to gain market share.
Compute the company's total costs, and graph the revenue curve and the total cost curve. Do the curves have the shape you expect. Over what range of production is the company making pro ts.
the price to BBB-rated companies rose from 37.5 basis points in 1998 to approximately 129 basis points in 2002. This is a 244% increase in the price or spread. Explain these changes using shifts in demand and/or supply.
Illustrate what is meant by the term "natural monopoly" and what are the key characteristics.
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