ECON MACRO (with ECON MACRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
5th Edition
ISBN: 9781305659094
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 12, Problem 3.8P
Sub-part
A
To determine
the way in which the national debt is related to the government’s budget deficit. When the gross national debt is $3 trillion and the government’s budget deficit is $300 billion.
Concept Introduction:A budget is an estimation of revenue and expenses over a specified future period of time. A budget deficit occurs when expenses exceed revenue, and it is an indicator of financial health. To correct a budget deficit, a nation may need to cut back on certain expenditures, increase revenue-generating activities or employ a combination of the two.
Sub-Part
B
To determine
the way in which the national debt is related to the government’s budget deficit. When the gross national debt is $2.5 trillion and the government’s budget deficit is $100 billion.
Concept Introduction:A budget is an estimation of revenue and expenses over a specified future period of time. A budget deficit occurs when expenses exceed revenue, and it is an indicator of financial health. To correct a budget deficit, a nation may need to cut back on certain expenditures, increase revenue-generating activities or employ a combination of the two.
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Problem Set#8 Part I
You are the manager of a firm producing a good in a particular market environment.
The following table details the price charged (P) and the total cost (TC) incurred by
your firm at various production levels (Q).
Price (P)
$125
Quantity (Q)
Total Cost (TC)
0
150
125
1
175
125
2
210
125
3
255
125
4
310
125
5
375
125
6
450
125
7
535
125
8
630
125
9
735
125
10
850
125
11
975
125
12
1,110
125
13
1,255
125
14
1,410
125
15
1,575
1. Based on the information provided in the table above, identify the type of market
structure in which the firm operates. Explain your reasoning!
2. Add seven columns to the table above, one for each of the following variables:
AFC, ATC, VC, AVC, MC, TR, and MR
The table below presents the demand schedule and marginal costs facing a monopolist producer.
a. Fill in the total revenue and marginal revenue columns.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure
to include a negative sign (-) in front of those numbers. Leave no cells blank. Enter 0 if appropriate.
Q
0
P ($)
8
TR ($)
0
MR ($)
MC ($)
1
7
2
6
3
5
1
2
3
4
4
4
5
5
3
6
6
2
7
1
8
0
b. What is the profit-maximizing level of output?
units
c. What price will the monopolist charge to maximize profits?
$
7
8
not use ai please
Chapter 12 Solutions
ECON MACRO (with ECON MACRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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