Many states in the U.S. acquire significant amounts of funds from the following, except:
A. State-run lotteries
B. Grants from the Federal government
C. Personal income taxes
D. Property taxes
D. Property taxes
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Werner & Sons is a manufacturer of three-ring binders operating in a perfectly competitive industry. Table 12-5 shows the firm's cost schedule
Table 12-5 Quantity (cases) Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost 0 $0 $76 1 30 106 2 50 3 134 4 140 5 160 6 114 7 150 8 190 9 316 Use the table to answer the following questions. a. Complete Table 12-5 by filling in the blank cells. b. Werner is selling in a perfectly competitive market at a price of $40. What is the profit maximizing or loss-minimizing output? c. Calculate the firm's profit or loss. d. Should the firm continue to produce in the short run? Explain. e. If the firm's fixed costs were $30 higher what would be the profit-maximizing output level in the short run? Indicate whether the output level will increase, decrease, or remain unchanged compared to your answer in b. f. Suppose fixed cost remains at $76. If the price of three-ring binders falls to $20 what is the profit-maximizing or loss-minimizing output? g. Calculate the profit or loss. Should the firm continue to produce in the short run? Explain your answer. h. Suppose the fixed cost remains at $76. What price corresponds to the shut-down point? i. Suppose the fixed cost remains at $76. What price corresponds to the break-even point?
If the price elasticity of demand is -0.8 and the firm increases price, revenue will
a. Increase b. Decrease c. Stay constant d. become zero, they would lose all their customers
Deadweight loss measures the loss in society's welfare that occurs because a monopolist does not produce the socially efficient level of output
a. True b. False Indicate whether the statement is true or false
Exhibit 4-3 Supply and demand curves
In Exhibit 4-3, an increase in quantity supplied would cause a movement from which equilibrium point to another, other things being equal?
A. E1 to E2. B. E1 to E4. C. E4 to E1. D. E3 to E4.