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"Poor people are poor because they do not have very much money. Yet, central bankers keep money scarce. If poor people had more money, poverty could be eliminated." Evaluate the statement. Be sure t
Problem: Based on the below information, if the wage rate is $500 and the price of output is $5, how many workers should the firm hire?
Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, and marginal costs.
What does it mean to say that the demand for resources is a derived demand? Is the demand for all goods and services a derived demand?
Advertising can enhance economics efficiency when it: a) increases brand loyalty b) expands sales such that firms achieve substantial economies of scale c) keeps new firm from entering profitable indu
A) What is the optimal output for the production division? B) What is the optimal output for the marketing division?
When one automaker begins offering low cost financing or rebates, others tend to do the same. What two oligopoly models might offer an explanation of this behavior?
Problem: John is considering opening a shop to make desks. He estimates the cost information for the first-through-the-ninth desk (nine is his estimated maximum monthly output).
A competitive firm estimates its average variable cost function to be . AVC=125-.21Q+.0007Q^2(squared) The firm's total fixed cost is $3,500. 1. The marginal cost function associated with this average
When a monopolistically competitive industry is in long-run equilibrium A. firms earn economic profits. B. firms earn zero economic profits. C. price equals minimum average total cost. D. price equals
A firm's costs can be divided into fixed costs and variable costs. Identify each of the following as either a fixed or variable cost. Then, identify that same costs as being an explicit cost or an i
(1) What is the optimal quantity of labor demanded? (2) Given these circumstances, how can the firm and the employee avoid outsourcing?
1. Determine the optimum output and selling price for each firm. 2. Determine Firm A, Firm B, and total industry profits at the optimal solution found in Part (a).
What is the law of diminishing marginal productivity? Give an example from your workplace of the law of diminishing marginal productivity? Might diminishing marginal productivity impact the costs?
Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of these items, list the assumption, principle, information characteristic, or modifying convention that
What is the minimum selling price on the special order to produce net income of $4.10 per ball?
In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable
The company's weighted average cost of capital is 11 percent, the market value of its liabilities is $2.5 billion, and it has 32 million shares outstanding. 1. Estimate the price per share of ABC's
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer o
Task: Consider a firm that has just built a small plant, which cost $4,000. Each unit requires $2.00 worth of materials. Each worker costs $7.00 per hour.
Explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly elastic? (i.e. horizontal at the going market price). Just 1 or 2 sentences needed.
Why does the economist's notion of cost suggest that World Airlines should consider the plane's price in deciding whether it is a profitable investment but that, once bought, the plane's price is no
Task: I'm having a little trouble fully grasping the price-taker firm concept. I understand that there are two features of the demand facing a firm will ensure that the firm must act as a price take
1. Identify the number of units to purchase. 2. Identify the number of orders per year that must be made.
1) Compute the average product cost. 2) In order to reduce the number of wrong orders , Burger Doodle is going to invest in a computerized ordering and cash register system. The cost of the system