Problem 8.1 - Profit maximization: TR TC approach
A competitive firm's short-run cost information is shown
in the table below.
a. The table showing revenue, cost, and profit
Problem 7.1 - Economic profit
After working as a head chef for years, Jared gave up his
$60,000 salary to open his own restaurant last year. He
withdrew $50,000 of his own savings that had been
earning 4% interest and borrowed another $10
Suppose a firm sells 20,000 units when the price is $16,
but sells 30,000 units when the price falls to $14.
a. Calculate the percentage change in the quantity
sold over this price range using the midpoint
b. Calculate the percentage change in th
Problem 2.1 - Least-cost production
Price per Unit of
Suppose there are thre
Problem 1.1 - Budget lines
Suppose that Russ has budgeted $20 a month to buy
candy bars, music downloads, or some combination of
both. If Russ spends all his budget on candy bars he can
obtain 40 bars a month; if he buys only downloads, h
Problem 6.1 - Consumer choice
Suppose Maria's preferences for eggs and milk can be
described by the following marginal utility schedules.
Both eggs and milk cost $4; Maria has allocated $16 to
the purchase of these two products.
Use the following diagram to answer the next question; assume the demand and
supply curves capture all relevant benefits and costs.
Use the following diagram to answer the next question.
When an economist says that the demand for a product has increased, this means
quantity demanded is greater at each possible price.
firms make less of the product available for sale.
consumers respond to a lower price by buying mor
The correct answer for each question is indicated by a
The Market Syste
Refer to the following diagram of a circular flow model of the economy:
DiamondsInterested in buying one? Go to the Internet auction site eBay at www.ebay.com and
select "All Categories," then "Jewelry and Watches," followed by "Loose Diamonds and Gemstones,"
and then "Diamonds, Natural." How many natural diamonds are for sal
Economics is primarily the study of:
how scarcity can be eliminated.
how firms manipulate prices.
how government influences resource allocation decisions.
the problem of scarce resources relative to human wants.
Feedback: The fundame
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Week 2 Concept Map
The career interest that I have chosen is Supply Chain Supervisor.
You will be balancing
supply with demand
dependent on company
As a supply Chain supervisor, you
will be monitoring the movement of
Source Organization Worksheet
Instructor: Professor Janice Flegle
Project Name: Effective Manager
Project topic: Ways to become an effective supply chain manager.
For each article or source you investigate and decide to keep, log the follo
Problem 10.1 - Monopoly price and output
Suppose a monopoly's demand schedule is given by the
first two columns of the following table. Its total cost of
production is given in the next column.