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if the price is greater than the average variable cost and less than the average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will:
a) produce at an economic lost
b) produce more than the profit-maximizing quantity
c) produce at an economic profit
d) shut down production
Assume that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,000.
Why as a result of rise in exchange rate, the amount of imports fall but not as much as it does when the supply is perfectly elastic.
Elucidate the inelasticity of agricultural products in general then compare which to the elasticity of a single food item such as a filet minion.
Students are required to write an essay on a significant, recent economic event or activity and discuss an economic activity or event of interest and apply it to theoretical models and economic laws introduced during your study of topics.
How many units of good X will be purchased when Px=4910, determine the inverse demand function for good x.
There are two players 1 and 2. re are two cards: "High" and "Low". Player 1 chooses at random one card. Write a strategic form also find optimal strategy of player.
What is the impact on the long run adjustment due to this condition. First, look at the impact of the market and then the single firm. What does it do to economic profits or losses, then what happens in the market.
Why all the balance of payments accounts be in surplus. What factors determine the demand for British pounds in foreign exchange markets.
what is the size of the bank's actual reserves. Required reserves are 10 percent of transactions deposits under the assumptions of the simple multiplier formula, then eventually the money supply will increase by.
If industries collude, Illustrate what will be monopoly cost (optimal cost P*), total output of two industries (Q= q1 + q2) and total profits of two industries.
It has been estimated that the price elasticity for cigarettes is 0.164. Assuming there are currently no taxes on cigarettes, to reduce cigarette purchases 5%, government would need to tax cigarettes enough t.:
An economy needs 400 bn. Spending to close the recessionary gap, multiplier is 4; what should be the increase in spending on the part of the of the government?
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