MICROECONOMICS(LL)COMPANION
21st Edition
ISBN: 9781260713541
Author: McConnell
Publisher: MCG
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Chapter 19, Problem 3RQ
To determine
Whether should the firm produce coal or not.
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Consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the
same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph.
100
90
80
70
COSTS (Dollars per pound)
8
50
40
ຊ
20
10, 10
10
+
MC
ATC
AVC
Π
0
0
5
10
15
20
25
30
35
40
45
50
QUANTITY (Thousands of pounds)
(?)
3. Uncle Mateo loves shoes and high unemployment.
Uncle Mateo owns a small shoe factory in Argentina. His business is doing fairly well, especially because prices in Argentina have been falling, including the cost of labor too, since August of 2024. The date is September 1, 2024, and uncle Mateo texted you the following message in an effort to seek your advice about a new policy the government there is intending to implement to deal with high unemployment rates that started to creep up in early 2024:
"Hola (hello) dear niece,
As you know, prices in Argentina have been falling recently, which is great because I can now hire more people and buy material cheaper than I used to. Also, I was able to find more workers at lower pay because this unemployment rate has been rising. However, some crazy government people want to change things. I don’t know exactly how their ideas will affect me in the long run, but I am worried. They basically want to lower the unemployment rate, and I might have…
Not use ai please
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