Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 6, Problem 2QR
To determine
The reason behind the cause of shortage in the economy.
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Use the information in the table to address this question. If each worker is paid $1,000 and each
output sells for $4, how many workers should the firm hire to maximize profits?
Number of Workers Total Output
Marginal Product
0
1
1,000
2
1,700
3
2,200
4
2,400
5
2,500
4 workers
2 workers
3 workers
O
5 workers
If a firm exits, we must have that
P < AVC
None of the answers are correct.
Two answers are correct.
P > AVC
P < ATC
Question 11
2 pts
A firm that designs packages with different levels of quality/luxury to sell to their customers engages
in
?
Bundling.
Menu pricing.
A cost plus strategy.
Illegal access to information.
Chapter 6 Solutions
Principles of Microeconomics
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Similar questions
- Use the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, would that firm be? $8 $7 $4 30 50 Making a deficit. Making a profit. Breaking even. None of the answers are correct.arrow_forwardD Question 23 2 pts Use the information contained in the three graphs below to answer the following question. Which of the three curves could represent the total fixed costs? (A) $800 $800 $800 $700 $700 $700 5000 3000 $600 $500 $500 $400 $400 $400 $300 $300 $200 $200 $300 $100 $100 $100 50 B None of the curves could be the answer. A C (C) ◄ Previous Next -arrow_forwardUse the information contained in the graph below describing a firm operating in a competitive environment to answer the following question. If the graph described a firm that decides to produce, what quantity would that firm produce? $8 $7 $4 4 30 50 None of the answers are correct. 30 50 50-30=20arrow_forward
- There will be the greatest difficulty to enter/exit the market in which type of market? a. A perfectly competitive market. b. An oligopoly market. c. There is equal difficulty to enter/exit each of the mentioned markets. d. A monopoly marketarrow_forwardSeason tickets for sporting events are Block pricing. Price discrimination. Two-part tariff. Bundling or bundle pricing.arrow_forwardPacking 75 chocolate bars and selling them for $0.75 a bar, as opposed to selling a bar for $1 is Coupon. Two-part pricing. Price discrimination. Block or bull pricing.arrow_forward
- Not use ai pleasearrow_forwardNot use ai pleasearrow_forwardQUESTION 4 (continued) while of machine B is N300, 000 only. Recommend which of the machines should be purchased. Assume 10% interest. (13mks) QUESTION 5 (25 marks) a) Why do Engineers have to monitor of depreciation of equipment/machines? (5mks) b) Enumerate the options available evaluating depreciation of equipment/machines and explain in detail anyone of them. (10mks) c) The cost of a machine N1,600,000 ant its salvage (scrap) value is N400,000. Determine the depreciation charges for each, if the estimated life of the machine is 4 years. (10mks) QUESTION 6 (25 marks) (6mks) (ii) Inventory Costs (iii) Sunk Cost (8mks) a) What are the types of equipment replacement decisions a company may face? b) Define the following terms: (i) Quality Costs (iv) Technological Obsolesce , c) A power holding company purchased new coal extraction equipment 3 years ago for N600,000. Management has discovered it is technologically outdated now. A new equipment alternative) has been identified. If a…arrow_forward
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