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Mrs. Smith operates a business in a competitive market. The current market price is $8.50. At her profit-maximizing level of production, the average variable cost is $8.00, and the average total cost is $8.25. Mrs. Smith should
a. shut down her business in the short run but continue to operate in the long run. b. continue to operate in the short run but shut down in the long run. c. continue to operate in both the short run and long run. d. shut down in both the short run and long run
Obtain Income elasticity of demand and Calculate the quantity demanded for goods 1 and 2 at these prices and this income level.
Which diagram should use to explain third degree price discrimination relating to sub-prime borrower discrimination?
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
What is your monthly loan payment? What is your yearly loan payment and what is your yearly depreciation? What is the book value of the property at the end of ten years?
Differentiate the way Keynes and Friedman approach the economy. Determine the key differences and similarities?
A lawyer who drives a beat-up car and wears frumpy dresses may have a hard time getting customers. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Why does the burden of sales tax fall completely on customer when the value elasticity of demand is perfectly inelastic; the seller when perfectly elastic.
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Explain why fitting a line of best fit through observed price and quantity combinations over time is not likely to yield good estimates.
Future economic glowth
How would income distribution and resource use change if a flat rate tax on comprehensive income were substituted for current progressive income tax in United States?
Compute the sizes of the consumer and the producer surpluses at the equilibrium price and quantity derived in (1).
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