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You are given the following information for units 0-6 that are produced by The Minuet Corporation of Boise, Idaho. The average fixed cost of unit 4 is $38.50; The total variable cost of unit 3 is $165.00 while that of unit 6 is $522.50; The average total cost of unit 5 is $99.00, while the average variable cost of unit 4 is $55.00; The total cost of unit 1 is $247.50 while the total cost of unit 2 is $308.00. Show all work. Calculate TFC, TVC, TC, AFC, AVC, ATC, and MC for unit 0-6. Show all work.
Compute the price elasticity of demand.
The Bible prohibits usury (Lev. 25). It is one reason the Catholic Church forbid banking to Christians for 1,000 years. However debt and the paying of interest is very common now. Is borrowing Biblically forbidden? What is the brief history of Chr..
What impact would a change that shifts an economy's production possibilities curve outward have on the long run aggregate supply curve? How have improvements in computer technology affected production possibilities and the long run aggregate supply c..
Other than economies of scale, Illustrate what would you consider to be barriers to entry into a market. Are these barriers the same for all market structures.
What is the relationship between marginal physical product (MPP) and marginal cost (MC)? Provide an example(s).
How are public savings, national savings, private savings and investments related together?
In the U.S., most blue-collar (unskilled) workers favor import restrictions from developing countries. Discuss and explain this fact using Hecksher-Ohlin theory.
At the end of one year, Sam was offered $300 for his business and all its equipment. What are Sam's explicit costs? Implicit cost? and economic profit in the first year?
Describe when economists with different political views do cost/benefit comparisons, they often reach different conclusions. If their analysis is based on objective costs and valid techniques, why wouldn't they reach similar conclusions, even if t..
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
Two indicators of economic development include Gross Domestic Product (GDP) and the Human Development Index (HDI). What is the difference between these two ways of measuring levels of economic development Identify an advantage and disadvantage of ..
Imagine two naton , Glacierland, and Swampland. Glacierland is producing everything at a lower absolute cost than Swampland. If the two countries trade what is the reason.
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