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Morgan company’s marginal cost curve is: MC = 4+3Q Where MC is marginal cost and Q is the number of units of its product. The price of a unit of its product is $3. A consultant hired by the company argues based on the evidence, the firm would make more money by shutting down. Do you agree? Explain.
Why is this statement wrong: "Economists argue that lower prices will result in fewer units being supplied. However, there are exceptions to this rule. For example, in 1972, a very simple 10-digit electronic calculator sold for $120. Lower prices di..
What economic concept illustrates the fact that at an all-you-can-eat restaurant, one rarely literally eats all the food he/she is physically capable of consuming? Explain.
A firm using two inputs (call them “capital” and “labor”) has an efficient combination of capital and labor levels when:
Explain the effect of the following changes on the quantity demanded of health insurance.
Securitization is the process by which financial institutions a. pool together a group of loans and then issue securities backed by the pool. b. determine the composition of their assets that will yield the optimal amount of security for their financ..
A June 10,1996, Wall Street Journal article titled “Americans Eat Up Vitamin E Supplies” discusses the shortage that existed for vitamin E at this time. According to the article, the shortage was created by two changes in the marketplace. First, the ..
Did you know that many large countries utilize a national sales tax, or value added tax, to raise revenues? What if, -in an effort to FIX THE ECONOMY, the U.S. decided to do this? What other countries are doing this and to what degree of success?
Which is the proper cite for the Code of Federal Regulations?
Which is the most likely reason that a manufacturer that sells its own products under its own brand name(s) might consider producing private brands? to weaken the positions of its distributors. to reach additional market segments. to increase fixed c..
The economy of country Rumblen was hit by a banking crisis which has led to a recission. Jason Wallace, a real estate agent, says that the economy will recover soon because the government is taking various measures to counter the recession. Which of ..
St. Joseph's school has 1,200 students, each of whom currently pays $8,000 per year to attend. In addition to revenues from tuition, the school receives an appropriation from the church to sustain its activities. She suggests that another solution mi..
Empirical estimate of the price elasticity of demand indicate that teams actually price in the inelastic portion of the demand curve. Give one example why teams might price their tickets like this.
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