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Explain briefly why competitive, profit-maximizing firms hire labor until the marginal product of labor (MPL) equals the real wage.
Ascaro incurs monthly total costs according to the function TC= 49+4q+q2 and monthly marginal costs according to the function MC= 4+2q, where q is the quanity of grapes produced bu Ascaro.
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
Perform a White test for heteroskedasticity using auxiliary regression
What would be the long run price and quantity for this firm in a competitive market? 2. In the long run how many firms are in the industry?
Greg and Tanya Ridpath have two children, ages 6 years and 5 months. Their younger child, Ray, was born with a congenital heart defect that will require several major surgeries in the next few years to fully correct. Greg is employed as a salesperson..
Calculate the price elasticities of demand for A and B at P=30, 20 and 10. How does the elasticity change as you move down the demand curve?
Which of the following is an example of a two-part tariff? Which of the following industries is most likely closest to achieving perfect price discrimination?
a limited supply of natural gas to consume (assume that no natural gas will be created in the future). Assume the demand for cubic feet of natural gas is given by the equation, P=350-5Q, the extraction of natural gas has a constant marginal cost o..
What price should do you charge if it wants to maximize its revenue from this concert? And, how much revenue will it receive?
Tickets to a rock concert sell for $10. But at that price, the demand is substantially greater than the available number of tickets. Is the value or marginal benefit of an additional ticket greater than, less than, or equal to $10? How might you dete..
USING A DEMAND AND SUPPLY DIAGRAM, ILLUSTRATE AND EXPLAIN THE NET WELFARE LOSS FROM IMPOSING SUCH A QUOTA. UNDER WHAT CIRCUMSTANCES WOULD THE NET WELFARE LOSS FROM AN IMPORT QUOTA EXCEED THE NET WELFARE LOSS FROM AN EQUIVALENT TARIFF
Explain the output and price effects which affect the profit-maximizing decision faced by the firm in oligopoly market. How does this differ from output and price effects in monopoly market?
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