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Suppose that a perfectly competitive firm faces a market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units. If the firm produces 1,500 units, its average variable costs (AVC) equal $5.50 per unit, and its average fixed costs (AFC) equal 50 cents per unit. What is the firm's profit-maximizing (or loss minimizing) output (Q) level? What is the amount of its economic profits (or losses) at this output level? What would be the firm's decision at this price/output level?
Illustrate what does a point outside construction possibilities frontier indicates.
Assume the manager asks for volunteers to postpone their tour by offering increasing amounts of cash compensation until only four people want to see the caves that day.
Contrast two or three key economic factors for this country with the United State economy also comment.
After paying the movie distributors and meeting all other noninterest expenses, the owner expects to net $2 per ticket sold. Construction costs are $1,000,000 per screen. What is marginal benefits and marginal costs.
Management charges higher highly rates in the winter, when its average occupancy rate is 85 percent. Explain can this policy be consistent with profit maximization.
Suppose that MC=4q, where MC is marginal cost. The perfectly competitive firm maximizes profits by producing 10 units of out output. At what price does it sell these units.
Elucidate why relatively flat as opposite relatively steep worker demand curves are more consistent with the empirical observation.
Illustrate what would be new equilibrium if re is an increase in autonomous import expenditure from 100 to 200 which result from an increase in currency exchange rate.
Starting with the situation in part d, suppose the government starts taxing the population $30 each year without spending anything.
Illustrate what are the levels of income per worker also consumption per worker. Show how capital stock per worker will evolve over time in both countries.
The three families are considering putting in streetlights on Main Street and are trying to describe how many lights to install. The table below shows each family's willingness to pay for each streetlight.
Compare the supply and demand conditions in both locations. How many people live in each place.
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