Answer the following questions.
1 Which costs are pertinent to economic decision making and which are not relevant? Explain using an example with a decision you made.
2. Explain how a greater quantity of a good can be sold in the market at higher prices despite the law of demand holding true. Be clear and precise in using the correct terminology.
3.Explain how a perfectly competitive firm determines how much to produce and what price to sell at compared to a monopoly. Make sure to use the correct terminology where appropriate.
4. In Figure 5.9 titled Short-Run Cost Curves, a) explain the relationship between Total cost (TC) and Total variable cost (TVC), and b) the relationship between Average total cost (ATC), Average variable cost (AVC), Average fixed cost (AFC) and Marginal cost (MC).
5. What are economic profits? Explain using an example of a small business where you would be the sole proprietor. Would your ability to earn long run economic profits differ if you operated in a perfectly competitive market versus a monopolistically competitive one?
6. Publishers typically produce and sell a U.S. version and international of version of their textbooks. The U.S. version typically sells for more. Explain why publishers may use this pricing strategy and how the internet might affect the implementation of this strategy.
7. Suppose that the price of cigarettes rises from $5.49 to $7.08 per pack while the number of packs consumed falls from 13,500 to 12,900. a) Calculate and classify the price elasticity of demand and b) explain what happens to total revenue as prices increased? Make sure to explain how this answer is reflected in what you calculated in part a).
8. Using the Analyzing Managerial Decisions: Holland Sweetener versus Monsanto case study presented in Chapter 9, answer question #1 only, but explain how you obtained the Nash Equilibrium step-by step.
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