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A firm has a fixed cost of $200 in its first year of operation. When the firm produces 99 units of output, its total costs are $4,000. The marginal cost of producing the 100th unit of output is $700. What is the total cost of producing 100 units?
This graph shows an aggregate demand curve and an aggregate supply curve for an economy with no exports or imports. Adjust the position of one or both curves to elucidate graphically the scenario described.
Explain the essential distinctions among the stages-of-growth theory of development, the Structural change models of Lewis and Chenery.
Assume, no calls are currently on hold. If agent takes 5 minutes to complete current call, how many callers do you expect to be waiting by that time. Illustrate what is probability that none will be waiting.
Suppose taxes are measured in cents as in the first case, but consumption is measured as gallons consumed every month.
The number of parts produced per hour by a worker. when will she be at a maximum productivity.
Calculate the firm's optimal output and profits if prices rise to $65 per unit and also calculate equilibrium output, price and profit levels if the firm is typical in its industry.
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits
Use the method from Section 6.4 to construct a 95% prediction interval for the 2004 unemployment rate. Is the 2004 unemployment rate in the interval?
suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
solve for consumer surplus, producer surplus, government revenue, and total surplus with the tax. solve for the change in consumer surplus, the change in producer surplus, the change in government revenue, and change in total surplus.
Discuss how elasticities should be used in pricing decisions. If you were responsible for setting the price of these volumes, what would you choose and why.
Under the first plan he pays $0.25 per minute of connect time. Under the second plan, he pays a lump sum of $30 per month and only $0.10 per minute of connect time. Determine David's optimal consumption bundle and his choice between the two plans.
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