What is the stakeholder view of the firm? a) Shareholders should eventually be returned their stake in the firm.b) The firm must honour its wider social obligations as well as making money.c) The only obligation on the firm is to maximize profit.d) The firm exists to maximize return
Anna’s demand for peaches is given by PA = 200 – 3QA, where QA is the quantity (kilograms) demanded at price PA ($/kilo). Basil’s demand is given by PB = 120 – 2QA, where QB is the quantity (kilograms) demanded at price PB ($/kilo). Each of the two has $2,000 that they can spend if they want to buy something. a. Suppose the endowments are […]
Alchem (L) is the price leader in the polyglue market. All ten other manufacturers [follower (F) firms] sell polyglue at the same price as Alchem. Alchem allows the other firms to sell as much as they wish at the established price and supplies the remainder of the demand itself. Total demand for polyglue is given by the following demand function, P = 20,000 – 4QT, […]
For the term paper, you are required to pick a current economic topic that relates to the material we have covered or will cover in this course. You will research and find an article that covers the topic you have chosen. You can use an article online or offline from any reputable source. You will write up a review of the article and integrate course […]
a. A pure monopolist sells output for $4.00 per unit at the current level of production. At this level of output, the marginal cost is $3.00, average variable costs are $3.75, and average total costs are $4.25. The marginal revenue is $3.00. What is the short-run condition for the monopolist and what output changes would you recommend?b. Why is marginal revenue, for a monopoly, less […]
2. Each day Matt eats lunch at school. He likes only Twinkies (t) and soda (s), and these provide him a utility ofUtility = U(t,s) = ts; with MUt = s and MUs = t[3] a) If Twinkies cost $.10 each and soda cost $.25 per cup, how should Matt spend the $1 his mother gives him in order to maximize his utility?[3] b) If […]
“Whether to attend a local college or an out-of-town college as a rational self-interest Attending local college full-time or entering a college in another town full-time is as a rationalself- interest decision that is very important and crucial for the shaping up of a person’s…
George owns a gun range in Texas. He pays $32,000 per year in insurance, $408,000 in wages, $23,000 in supplies, and he foregoes $32,000 per year he could make as a police officer. His total revenue last year equaled $460,000. That means his economic ______ equaled ______.
explain why an upward sloping aggregate supply curve is thought to weaken the impact of a rightward shift of the aggregate demand curve generated by an increase in government spending in the short run
Table 12.2 shows the market demand schedule for Bobbie”s Barbershop, the sole supplier of haircuts. Total revenue is the price multiplied by the quantity sold and marginal revenue is the change in total revenue resulting from a one-unit increase in the quantity sold. A single-price monopoly always charges a price at which demand is elastic. Why?
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