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A watch manufacture finds that at 1,000 units of output, its marginal costs are below average total costs. If it produces an additional watch, will its average total cost rise, fall, or stay the same.
Utilize a graph to demonstrate the market equilibrium price and quantity of oil at $70 per barrel and 10 M barrels being produced and sold. Then, show graphically the likely impact on this equilibrium
Why are economists concerned about the understanding or overstating potential GDP and what factors might have led potential GDP to rise in the late 1990s?
Utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers empl
If marginal product is above the average product, what will be effect on total product, total revenue,average product and average variable costs?
Under what circumstances, and why, would the government be opposed to a merger of two firms? How does the Justice Department decide which mergers to challenge?
Explain how international trade has altered the U. S. domestic manufacturing base. How has it made it more or less competitive?
Explain all opportunity cost that you consider when deciding whether to purchase tickets for and attend a concert for 3 hours in Boston on a Saturday night.
How does this rationing method influence the incentives of individuals to supply goods, services, and resources to others?
The only variable input a janitorial service firm uses to clean offices is workers who are paid a wage, w, of $8 per hour. Each worker can clean four offices in an hour. Determine the variable cost, a
Taco Bell gives free tacos from 2 - 5pm. Suppose they make 500 tacos per hour and total costs are $1000. Assume the firm is operating at minimum costs.
Arise in U.S. inflation causes many U.S. residents to buy gold, which is a major South African export good, as a hedge against inflation.
If the government steps in to regulate a market, setting a price floor above the free market equilibrium price, will demand increase or decrease compared to the free marker equilibrium? Can you name a
What is the monopolist's profit-maximizing rate of production?What is the monopolists's profit-maximizing price?
Say the Federal Reserve wanted to increase the money supply in order to lower interest rates in order to stimulate the economy so that unemployment will be reduced. What are the negative effects of th
Assuming the firm shown in the graph below is a perfectly competitive equilibrium rather than a monopolist, what would the price and output be if the firm wants to maximize profits in the long run?
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