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Q1.
1. What is the difference between accounting profit and economic profit? How could a firm earn positive accounting profit but negative economic profit?
2. Why is the marginal revenue of a perfectly competitive firm equal to the market price? Q2.
1. Would a perfectly competitive firm produce if price were less than the minimum level of average variable cost? Would it produce if price were less than the minimum level of short-run average cost?
2. What is the shutdown price when all fixed costs are sunk? What is the shutdown price when all fixed costs are nonsunk? Q3.
How does the price elasticity of supply affect changes in the short-run equilibrium price that results from an exogenous shift in the market demand curve?
How many atoms of each type are there per unit cell?
Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student recreation center, which pays $6,000 per year.
In order to determine whether time is being spent optimally, a commercial fisherman has recorded the following information over the past year: "hours spent fishing" and "quantity of fish caught." What is the marginal product of fishing for hour sp..
Liz Taylor bought some farming lands for $100,000 five years ago. She sold the property this year for $500,000. If the annual inflation rate for the past 5 years has been at 6%, compute the after-tax real interest rate for this investment.
Carefully consider how this case study could be used by both critics of the WTO and by supporters of the WTO.
a competitive firm can sell all of its output for the market price of $5. its short run cost function is TC= 1000 + Q + 0.005Q2. this cost function has marginal cost given by MC= 1 + 0.01Q.
If Total economic cost incorporates both out of pocket costs and opportunity cost what is the Total Economic Cost?
If Roger could insure himself fully against the loss and the insurance is actuarially fair. d) What is the fair premium for his risk? e) Calculate his utility gain due to insurance. f) What value for the premium (instead of a fair premium would cause..
Identify the diversity challenges that Coach Boone had to face by coming into the head-coaching role.
There exist a single valid instruments zli. then the model is Select one: overidentified, underidentified and exactly identified
Plant A is much more highly automated than plant B, which in turn is more highly automated than plant C. For each type of plant, average variable cost is constant so long as output is less than capacity, which is the maximum output of the plant.
Make a graph to illustrate the market for tomatoes in January 2009 and January 2010.
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