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12. Mrs. Smith is operating a firm in a competitive market. The market price is $6.50. At her profit-maximizing level of output, her average total cost of production is $7.00, and her average variable cost of production is $6.00. Which of the following statements about Mrs. Smith's firm is correct? )
a. Mrs. Smith is earning a loss and should shut down in the short run.b. Mrs. Smith is earning a loss but should continue to operate in the short run. c. Mrs. Smith is earning a profit since the price is above the average variable cost. d. Without knowing Mrs. Smith's marginal cost, we cannot determine whether she should stay in business or shut down.
Explain if the increase in demand results from a large purchase b the Chinese of a new American-made airplane or a large purchase by Americans of new lower priced Chinese-made high definition Televisions.
A hearing is scheduled for your company to present arguments that your firm has not increased its market power through this merger. Can you do this? How? What evidence might you bring to the hearing?
a rich man has 1,000,000 in the bank earning 7% interest. He plans to give away 100,000 at the end of the year and to increase his gifting by 10% each year there after. How long with the million dollars last?
Congress is considering a tax credit program for those who purchase wind or solar-powered products. Explain multiplier concept as it applies in this case.
Borrow from the nation with the lower nominal interest rate, invest in the nation with the higher nominal interest rate and profit from the interest-rate differential.
What price and quantity will prevail if the monopolist isn’t regulated? What price-output combination would exist with efficient pricing (MC = P)?
Explicate which among the policies is most effective and least effective for this nation.
Elucidate the drastic change also Illustrate what this meant for the U.S. population.
Relative to Tom, does Dick require more bananas, less bananas, or the same number of bananas to give away an apple.
Compute the output and price of wood working if it is produced under competitive condition without regulation. Determine the socially efficient price and output of woodworking.
Conclude the optimal number of bran muffins to sell in a single package also the optimal package price. Elucidate how all step by step calculations to arrive at solution.
Illustrate what is point cost elasticity of demand with respect to company f for values of independent variable.
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