Perfect Competition: in order to maximize Profit, the firm’s Selling Price and Quantity produced is at MR = MC. In a Monopoly (see graph below, which is a Monopoly), how does the firm know what Price to charge and what Quantity should be produced, in order to maximize Profit?  Explain the process.

Let’s say there is a specific factor input, which is labor.  What will happen to the MRP curve for labor as the price of the product that the labor produces increases?

Why is a managed float hypocritical?

Give the simplest definition of Economies of Scale.

What is a limitation of N-grams?

Which real-world tool is most likely to use an N-gram model?

Suppose the market demand curve is

Pierre considers soda (X) and composite good (Y) to be perfect substitutes. His income is m = $200.  Suppose his utility function is 1. If soda cost $2, how much soda does he consume? [Answer1a1] How much money does he leave for everything else? [Answer1a2] 2. If soda cost $1, how much soda does he consume? [Answer1b1] How much money does he leave for everything else? [Answer1b2] 3. if soda cost $0.5, how much soda does he consume? [Answer1c1] How much money does he leave for everything else? [Answer1c2] Instructions: if any bundle on the budget line may be chosen, please type in exactly the following – Chosen bundle can be any point on the budget line

Suppose there are 3 bundles – A, B, and C. Gregory strictly prefers bundle A to B, strictly prefers bundle B to C, but also strictly prefers bundle C to A. The assumption that is violated by this preference ordering is:

During summer, the price of cookies was $4, the price of ice cream was $1, and income was $80. During winter, the price of cookies was $15, the price of ice cream was $3, and income was $80. On a graph with cookies on the horizontal axis and ice cream on the vertical, the new budget line is