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Below is a table with total data for a firm in a perfectly competitive industry.
Quantity Total Cost0 10010 22015 30020 36025 45030 60035 77040 960
What is the marginal cost and average total cost for the firm at each level of output?
Suppose that there is an adverse oil supply shock. Show the impact that this has on the production function, the labor market (i.e. on equilibrium wage and labor), and on the actual amount of output. SHOW a diagram and DISCUSS your findings.
Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost. Unit of Output TC TFC TVC ATC AFC AVC MC
Country A produces two goods, elephants and saddles. In the year 2006, the 100 units of elephants produced sold for $2,500 per unit and the 30 units of saddles produced sold for $200 per unit. In 2007, the 120 units of elephants produced sold for ..
Use the given utility function and the budget constraint from part A to solve for Chip's best response function for the number of hours collecting firewood taking the number of hours Holly spends (WH) as given. C. Solve for the privately optimal ..
The supply curve for product X is given by QXS = -340 + 10PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?
Solve Tracy's problem of how often to go to the ATM when nominal interest rate on her bank account is 10%, she spends $30 each day, it cost her $0.50 each time she uses the atm, and she thinks that there is a 15% chance.
Find the equilibrium level of real GDP for Smallville. Note: you will have to solve a quadratic equation - and GDP cannot be negative, for obvious reasons. Y = AD (equilibrium condition) T = 1,200 (taxes - non-income)
What are the highest and lowest payments from the writer that the beekeeper-farmer team will accept for the sixth day Assuming that the farmer can dispose of the $7 from the writer as she wishes, what range of payments will the beekeeper accept
What is the relationship between potential output and the natural rate of unemployment If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent
A plastic liner will cost $0.90 per square foot initially and will require replacement in 15 years when precipitated solids will have to be removed from the pond using heavy equipment. This removal will cost $500,000.
Suppose that, on and near the U.C. Sunnydale campus, the weekly supply curve for lattes is given by the equation Q = max(1000 P - 2000, 0) : nobody makes any lattes unless the price is above $2/latte, and for each $1 the price is above $2 an extra..
Suppose that disposable income consumption Andy saving in some country are$200 billion, $150 billion and $50 billion respectively, next assume that disposable income increase by $20 billion, consumption rises by $18 billion and saving goes up by $..
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