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1. Indicate whether each of the following involves an upward or downward shift in the long run average cost curve or instead, involves a leftward or rightward movement along a given curve. Also indicate whether each will have an increasing, decreasing, or uncertain effect on the level of average cost: A) a rise in wage rates; B) a decline in output; C) an energy -saving technical change; D) a fall in the interest rates; E) an increase in learning experience
2. St. Thomas Winery plans to reopen a new production facility in the Napa valley of California.
Based on information provided by the accounting department, the company estimates fixed costs of $250,000 per year and average variable costs of
AVC = $10+ $0.01Q
Where AVC is average variable cost (in dollars) and Q is output measured in cases of output per year.
Estimate total cost and average total cost for the coming year at a projected volume of 4000 cases.
Assume an economy without government and without trade. Suppose the Consumption function is given by, whereas I=50. (Remember to show your work)* What is the equilibrium level of income in this case? What is the level of saving in equilibrium?
a tax imposed on imports is calleda tariffa quotaa comparative advantagean excise taxquestion 2this result proposes
Which one of the following statements is FALSE about a market characterized by the market structure we call duopoly (that is an oligopoly with only 2 firms) under Cournot competition?
Illustrate what factors may influence a household when deciding between buying stocks, bonds, or a house.
The economy of the United States is described by the following aggregate production function: Yt = minimum (Kt, Lt). Saving occurs at a constant rate s. Each period, capital depreciates at a constant rate δ. The population is constant. What is the e..
Three products that you believe are provided by a "pure" monopoly, or at least by firms with a high degree of monopoly power. List substitutes for the products sold by each of these "monopolies".
Which government policy would be more effective at increasing output per capita (if such a policy was available):
Calculate the prot-maximizing monopoly price and quantity. Calculate the price and quantity that arise under perfect competition with a market supply curve P = Q=2.
A growing economy means that the economy is producing more also more stuff, either since it has more resources.
Calculate GDP loss if equilibrium level of GDP is $10,000, unemployment rate 8.8%, and the MPC is 0.75. How much money should the government spend to eliminate this GDP loss? List three reasons why the aggregate demand curve is negatively sloped (dow..
Select one significant environmental issue. What are the costs and benefits of our current environmental issues from an economic standpoint? What type of market failure could those problems is defined as? What can you as an individual do to help in a..
Suppose China wishes to peg the Chinese Yuan to the US dollar at $0.20/Yuan. But, because of foreign funds flowing into China, the Yuan appreciates. How can the People’s Bank of China (China’s central bank) maintain the pegged exchange rate? Is the B..
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