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What is the "current macroeconomic situation" in the U.S. as of 2013 (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time?
Employ the following equation to demonstrate why the firm producing at the output level where MR=MC will also be able to maximize its total profit
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Suppose that national income is initially at its equilibrium level when desired investment falls.we would except fall in national income,but not by as much as the fall in desired investment
. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-br..
Distinguish between a change in Supply and a change in the quantity supplied. Refer to both increases and decreases for each. Distinguish between a change in Demand and a change in the quantity demanded. Refer to both increases and decreases for.
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
Describe why the following is an example of monopolistic competition: There are a number of fast-food restaurants in town, and they compete fiercely.
In each case, do you think the household is better of f or worse off, or is the answer ambiguous? If ambiguous, what does the answer depend on?
A production lot of 25 units required 103.6 hours of effort. Accounting records show that first unit took seven hours. What was the learning rate?
What is Nancy's lifetime income if she gets no schooling? What is it if she goes toschool for all 60 remaining years of her life? In words, describe the "cost" to Nancy ofchoosing to attend school for 1 additional year.
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
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