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The schedule below shows the level of output that can be produced using different levels of input. A unit of input costs $80 and the fixed costs of running your business are $50. Input Output 0 0 1 2 2 6 3 9 4 11 5 12 1. What is your AVC of producing 11 units of output? __________ 2. What is your AFC of producing 12 units? __________ 3. What is the marginal cost of the 12th unit? __________ 4. What is the marginal cost of your 9th unit? __________ 5. At what level of output is ATC at its minimum?
Suppose the following output and labor hours for Russia and Germany in producing Wheat and Cloths.
Lars consumes only potatoes and herring. When the price of potatoes was 9 crowns per sack and the price of herring was 5 crowns per crock, he spent his entire income to buy 5 sacks of potatoes and 10 crocks of herring per month.
The fixed cost is zero for both firms. The two firms want to merge. They argue for the merger on the grounds that marginal production costs would fall to 10 for all units of output after the merger since all production woul be at the low marginal ..
Now suppose this game is to be played an unknown number of times. Both firms know that there is a probability .1 that the current play of the game will be the last time the game will be played. So there is a probability 1.0 that the game will be p..
Suppose the U.S government decides that the incomes of dairy farmers should be maintained at a level then how much surplus milk will be produced as a result of this policy.
Assume that gasoline retailing industry is perfectly competitive, constant expenses, and in long run equilibrium. If the government unexpectedly levies a 5-cent tax on every gallon sold by gasoline retailers,
Describe the maximum and minimum amounts that can be produced
Suppose that the supply and demand for oil. Starting from a point where supply and demand are in equilibrium, describe with use of a diagram how a global recession is likely to affect equilibrium value and quantity of oil bought & sold.
A contractor submits a bid on a project, for which more research and development work needs to be done. It is estimated that the total cost of satisfying the project specifications will be $20 million, plus the cost of the further research and dev..
Suppose there are 10 consumers in the industry. Each has the following demand: p = 10 - q-Calculate aggregate demand and aggregate supply in the market.
If there is a recessionary gap in the short run, then in the long run a new equilibrium arises when input prices and expectations adjust downward,
Recently submerged kingdom of Atlantis is populated through identical rational air breathing individuals. The king has decided to give an award to the industry whose product yields kingdom most economic value.
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