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With the aid of a diagram, explain why all giffen goods are inferior but not all inferior goods are given.
Explain how poverty affects health and educational attainment.
Describe the family and housing problems associated with poverty
a. Why would a firm that incurs losses choose to produce rather than shut down?
b. The supply curve for a firm in the short run is the short-run marginal cost curve (above the point of minimum average variable cost). Why is the supply curve in the long run not the long-run marginal cost curve (above the point of minimum average total cost)?
c. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?
Given the following demand equation P = 60- 2Q and the cost equation TC(q) = 100+3Q2
For the market of shoes
a. If the enterprises in this market take advantages of perfectly competitive market, find the equilibrium outputs and price.
b. If the seller in this market takes the advantages of pure monopoly, find the equilibrium outputs and price.
c. If the seller in this market takes the advantages of oligopolistic market, find the equilibrium outputs and price.
Given the following demand equation P = 60- 2Q and the cost equation TC(q) = 100+3Q2
For the market of shoes
a.If the enterprises in this market take advantages of perfectly competitive market, find the equilibrium outputs and price.
b.If the seller in this market takes the advantages of pure monopoly, find the equilibrium outputs and price.
c.If the seller in this market takes the advantages ofoligopolistic market, find the equilibrium outputs and price.
a. Why would afirmthat incurs losses choose to produce rather than shut down?
b. The supply curve for afirmin the short run is the short-run marginal cost curve (above the point of minimum average variable cost). Why is the supply curve in the long runnotthe long-run marginal cost curve (above the pointof minimum average total cost)?
c. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?
4.Given the following demand equation P = 60- 2Q and the cost equation TC(q) = 100+3Q2
For the market of shoes
a.If the enterprises in this market take advantages of perfectly competitive market, find the equilibrium outputs and price.
b.If the seller in this market takes the advantages of pure monopoly, find the equilibrium outputs and price.
c.If the seller in this market takes the advantages ofoligopolistic market, find the equilibrium outputs and price.
Demand for a soft book managerial economics text is given by Q = 20,000 – 300P. the book is initially priced at $30.
a. Compute the point price elasticity of demand at P = $30
b. If the objective is to increase total revenue, should the price be increased or decreased? Explain.
1.Do you know the assumptions which underlay the consumer’s preferences? Explain them.
Given the following information on price of Maize flour (MF) 10$, the price of Rice (R) as 15$ and income of consumer 150$ when the consumer needs to maximize his utility function
Analyze the following graph on consumer behavior, through
a.Explaining the line/curve A and C.
b.Explaining what the movement from point D to B means theoretically, express that movement mathematically.
c.Showing where is the equilibrium of consumer? Explain it.
d.Finding the value of point F and E.
1.a. Why would a firm that incurs losses choose to produce rather than shut down?
b. The supply curve for a firm in the short run is the short-run marginal cost curve (above the point of minimum average variable cost). Why is the supply curve in the long run not the long-run marginal cost curve (above the point of minimum average total cost)?
c. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?
