If the market demand for paper remains the same as in Problem 6, calculate the market price, market output, and the economic profit or loss of each firm
What will be an ideal response?
In the long run, the price equals the minimum average total cost, which is $10.00 a box, the equilibrium industry quantity is 200,000 boxes a week, and each firm makes zero economic profit.
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Gasoline taxes are usually used in part to finance the road and highway repair and new construction. Which principle of taxation does this type of tax most fit and why?
What will be an ideal response?
Refer to the figure above, which shows domestic supply and demand. If P1 is equal to P2 (the world price) plus a tariff, then the social loss from the tariff is equal to
A) a + c B) b C) P1 ( Q3 - Q2 ) D) P2 [(Q2 - Q1 ) + (Q4 - Q3 )] E) a + b + c
What are the total profits if four units are produced? a. 40
b. 70. c. -30. d. 20.
Which of the following is the best definition of gross domestic product (GDP)?