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Q1) Describe why for every firm price is always equals average revenue. Carefully describe concept of demand curve. Sketch a graph that demonstrate the answer.
Microeconomics, Economics
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Question: Graphing/Calculating Questions: Each of the following should include the requested graphic 1. Using LD = 125-9W as a starting labor demand curve, indicate the change when consumers increase their demand for the ...
Question: a. When marginal cost is lower than average variable cost, what is happening to average variable cost? When marginal cost is above average variable cost, what is happening to average variable cost? (Hint: look ...
Suppose that a worker in Freedom can produce either 6 units of corn or 2 units of wheat per year, and a worker in Liberty can produce either 2 units of corn or 6 units of wheat per year. Each nation has 10 workers. For m ...
Question: A law is passed that requires every firm in a perfectly competitive industry to give six months' notice before it closes. What effect, if any, will this law have in the short run? In the long run? The response ...
Question: The initial price of a cup of coffee is $1, and at that price, 400 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 500. a) Calculate the (arc) price elasticity of demand f ...
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