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Graph all three curves. What is the relationship between the marginal-cost curve and the average-total-cost curve? Between the marginal-cost curve and average-variable-cost curve? Explain.
However, a representative democracy has failings of its own. Should we always expect government to perform better than the private sector in solving economic problems?
Discuss the rationale for government regulation of firms with market power. Is regulation in the consumer's interest or in the producer's interest and how might this control special interest groups
Why is there so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency? Why might it be excessive at times?
Competitive in quality and service may be just as effective as price competitive in giving buyers more for their money. Do you agree? Why?
Services, government transfers, or taxes necessary to close an inflationary or recessionary gap is larger. How can you explain this apparent inconsistency?
Evaluate the following quote: The major advantage to outsourcing is that it reduces a company's capital cost, freeing the company to use scarce capital for other purposes.
On what segment of the AC curve are these producers producing? Is the industry in long-run competitive equilibrium? Why or why not?
On a diagram, draw these two supply curves (remember they are really MC curves). Now draw a supply curve that represents the combined supply of these two firms.
She can sell the appliances to a wholesaler for $130. Her annual fixed costs are $200,000. How many vacuums must she sell in order to cover her total costs?
She is incurring total costs of $420 and of this amount $100 is fixed. The average variable cost per house is constant. At a price of $36, what is her break-even level of output?
A worker costs $100 a day and fixed costs are $200. What is the firm's total cost for the each level of output? Compare average total cost and marginal cost. Explain the relationship.
Why are blocking rights important in setting the incentives for successive innovators? Distinguish between (i) a two-stage innovation (basic and applied research)
Why should you include the family background variables in the regression? Is there a situation in which you would not include the background variables?
What is level of utility the person will attain on a daily basis? What will be the average level of utility attained per day during the year?
In Beta, real GDP per capita is $9,000. Based on the economic growth model, what would you predict about the growth rates in real GDP per capita across these two countries?
the inflation rate in Canada, explain what should happen to the exchange rate between the U.S. dollar and the Canadian dollar?
Total costs equal 24Q (MC=$24/unit) for each firm. For the following models, determine the equilibrium price, each firm's output, and profit.
How many books and movies would maximize your level of satisfaction given the budget of $60.00? Are the charts above consistent with the Law of Diminishing Marginal Utility? Why or Why not?
If the price index 20 years before the base year was 41.2, and the nominal GDP for 20 years before the base year was 191.0, what was the real GDP for that year? Show your work in all cases.
Use the income approach to calculate GDP. Calculate net domestic product (at factor cost). Calculate net domestic income (at market price).
Explain how each of the following events will influence the demand or supply of oil, and predict the change in equilibrium price and equilibrium quantity.
Which ATT and T-Mobile characteristics make this merger seem especially onerous to the Justice Department and the FCC? What is the strategic reason(s) behind this particular purchase?
Define this industry and describe the concentration in this industry. What do you think is the approximate size of the Herfendahl Index in this industry?
Suppose that if you get the contract, you estimate that you can win another project for two more units. Now what is your break-even price for those two units?