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John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John’s firm operating in pure competition. Output TFC TVC 0 $30.00 0.00 1 $30.00 70.00 2 $30.00 120.00 3 $30.00 150.00 4 $30.00 200.00 5 $30.00 270.00 6 $30.00 360.00 (Part A) Refer to the above data. If the product price is $70, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. (Part B) Refer to the above data. If the product price is $45 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Does either player have a dominant approach Does either have a dominated approach. Explain.
Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not? Determine whether ea..
What is elasticity of demand for hamburgers at equilibrium. What are consumer surplus and producer surplus at equilibrium.
Prisoner's dilemma is a game that has been and continues to be studied by people from a variety of disciplines, from biology to sociology to public policy. Prisoner's dilemma is believed to be one of the most powerful metaphors in all of human behavi..
Draw a diagram of the long-run equilibrium in a monopolistically competitive market. How is price related to average total cost? How is price related to marginal cost?
The publisher sold the textbooks to university bookstores nationwide for 3 million euros. The university bookstores received 4 million euros from students in exchange for the books.
Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will chang..
During recessionary periods
In the fall of 2002 the Fed voted to decrease the federal funds rate target on several different occasions, reducing it from 3% to 1.75%. What action in the "open market" would the Fed's trader have had to take, other things equal, in order to induce..
Which of the following is not part of the index of leading economic indicators?
If Starbucks raises its price by 6 percent and McDonald’s experiences a 0.6 percent increase in demand for its coffee, what is the cross-price elasticity of demand?
A state government wants to provide incentives for single parents to enter the labor market and become engaged.
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