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1. As a firm's output increases, average fixed cost (FC/Q) must decline. It can never increase. True or false, and why?
2. Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
3. Explain why the following statement is false: If a firm's output is increasing and marginal cost is rising, then average variable cost (VC/Q) must be rising also.
Consider the following two good pure exchange economy: Alfred's utility function is U A (x, y) = min{x, y} and Bob's utility function is U B (x, y) = max{x, y}.
Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply.
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D = 1000 - 10P. Compute the monopolist's profit-maximizing quantity, price, and profit.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
Which of the following strategies are used by businesses to capture consumer surplus? Nash equilibria are stable because
What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase?
A firm in perfectly competitive 'industry has this cost function: TC = 900 + q^2-If market demand is QD = 1800 - 20P, what is the long-run equilibrium price, quantity produced by the firm and the industry, and the number of firms in the industry?
In each of the cases listed below determine what this consumer needs to do (in terms of purchasing X and Y) to maximizes their utility.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
The nation is divided into __12______ Federal Reserve districts, each having a Federal Reserve Bank.
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