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At its current short-run level of production, a firm’s average variable costs equal $30 per unit, and its average fixed costs equal $50 per unit. Its total costs at its current production level
The XYZ Co. sells widgets for $10 each. At that price it sells 200 per week. When it reduces its price of a widget to $9, it sells 250 per week. Calculate the price elasticity of demand. Is it elastic
Discuss perfect competition and long-run equilibrium in detail. Provide detailed descriptions, definitions and concrete examples of your findings.
One country has a export of $872 million vs another country's exports $1.827 billion what is the percentage difference between the two?
If the desired reserve ratio goes down and banks take money out of reserve and put it into loans, doesn't that mean that the money multiplier comes into effect, affecting the money supply and also the
What will be the level of output and price in the long run if this industry were perfectly competitive?
From the Bureau of Labor Statistics Web page (www.bls,gov/cpi) , find the answers to the following questions:How is the CPI used?
The production function is given by F(L) = 6L^(2/3). Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire?
What is the monopolists profit under the following conditions? the profit maximizing price charged for goods produced is $16. the intersection of the marginal revenue and marginal cost curves occurs w
What are the two main characteristics of a pure public good (for example, national defense)? How is this different from private goods?
Other things constant, should your friend continue to operate in the winter months? Be sure to explain to her why she should or should not continue to operate
Explain the differences and/or similarities between firms in pure competition market structures and firms in monopolistic competition market structure:
Explain how the aggregate expenditure function and the aggregate demand curve would shift when there is a decrease in the nominal money supply by the Federal Reserve.
Describe how the quote “declining dollar, while boosting US exports, is adding to inflation pressure as goods priced in foreign currencies become relatively more expensive” relate to the a
The standard of living for the poorest third of the world is falling behind the standard for the rest of the world and is not improving very quickly. What are some factors that might influence the eco
Economic fluctuations (or business cycles) are fluctuations in the level of economic activity, relative to a long-term growth trend. Comparing and contrast the economic fluctuation the United States h
A farmer grows a bushel of wheat and sells it to a miller for $1.00. The miller turns the wheat into flour and sells it to a baker for $3.00. The baker uses the flour to make bread and sells the bread
Why would you as a CEO of a business choose to pay your workers more and give them better benefits than your competitors?
If a guy live in two period, the wage for first period is $8, and the wage for second period is $10, Should he work more hours in the second period than in the first period?
Discuss the modern theory of aggregate supply and aggregate demand that incorporates a price variable into Keynesian analysis.
Draw a few indifference curves of a consumer whose preferences are not convex, and explain why the indifference curves violate convexity. Indicate the direction of increasing preference
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or demand for lavo. Identify and explain two factors that would increase or decrease the su
Considering the size of our national defense budget, should we be spending more on military technology? What is your opinion?
Acme sells cans of mixed nuts. A typical can has 100 nuts. In the past, 5% of the nuts were cashews, but now Acme is advertising that its new and improved can of mixed nuts has 40% more cashews. Cashe
Draw the demand and supply curves. What is unusual about the supply curve ? Why might this be true?