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The profit maximization rule for a perfectly competitive firm states that the perfectly competitive firm will maximize its profits when it produces that quantity where marginal revenue equals marginal cost for the last unit produced and sold. In your own words explain why the firm is better off producing that quantity where MR = MC rather than that quantity where MR > MC or that quantity where MR < MC.
For a developing country to grow, it needs capital. The major source of capital in most countries is domestic saving, but the goal of stimulating domestic saving usually is in conflict with government policies aimed at reducing inequality
When price exceeds marginal cost, a profit-maximizing firm will decrease production.The marginal cost curve intersects the average total cost curve at the break-even point
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
What does the market for sugary sodas look like? Provide a supply-demand graph with realistic prices.
Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given t..
A monopoly firm is different from a competitive firm in that: there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..
Is the firm that creates the higher value-added more or less profitable than the firm that creates lower value-added For each firm write a mathematical expression for the following quantities.
What will this do to the demand curve? Of the available list of things in the text that causes a change in demand, which best fits here as the cause of the demand shift?
Suppose the price of product B increases to 3. What happens to quantity demanded of both products?b. Calculate the arc cross-elasticity between product A and product B using prices for product B of 2 and 3. c. Are these goods substitutes or complemen..
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Which of the following is an example of a demand shock? a) Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. b) Consumers become worried about job loss and buy fewer goods and services than expected.
For each of the following utility functions, draw the three indierence curves that correspond to the three stated utility levels, labeling each curve with the corresponding utility level. Label any intercepts or inks in the line to fully identify ..
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