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W14 MIC Problem Set 6(1)

W14 MIC Problem Set 6(1) - ECON 310-1 Microeconomic Theory...

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ECON 310-1: Microeconomic Theory Northwestern University, Winter 2014 Professors James A. Hornsten and Ronald R. Braeutigam Problem Set #6. Cost Curves and P.C. Markets Instructions: This problem set is to be handed in (to the appropriate TA Section box during class) on Monday, February 24. Solutions will be posted at that time, so late submissions will not be accepted. We encourage you to work in a group. Each person must submit a hard copy of the assignment with only his or her name on it (i.e., group submissions will not be accepted.) The teaching assistants will go over some of the solutions in sections in Week 8. 1) Last year the accounting ledger for an owner of a small grocery store showed the following information about her annual receipts and expenditures. She lives in a tax-free country (so don't worry about taxes). Revenues $1,000,000 Wages paid to hired labor $200,000 Utilities (fuel, telephone, water) $100,000 Purchases of food $500,000 Rental of equipment $100,000 She pays a competitive wage rate to her workers, and the utilities, equipment and other supplies are all obtained at market prices. She already owns the building, so she has no cash outlay for its
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