The graph above shows the cost curves for a firm in a perfectly competitive market.What is the firm’s short-run shutdown point? (e.g. if the price fell below this point, the firm would stop producing)

If the price elasticity of demand is -3, and the price rises by 15%, we would expect the quantity demanded to

If a firm produces 20 units of output and incurs a total cost of $2,000 and a variable cost is $1600, calculate the firm’s average fixed cost of production if it expands output to 25 units.

Table 1-1 Table of Revenue Hours Open TotalRevenue (dollars) 1 $90 2 150 3 205 4 245 5 270 6 290 Aaron owns a barber shop in the city of Largo, Florida.  The additional cost to Aaron of staying open each additional hour is $24, because he has to pay his worker and keep some utilities running.Refer to Table 1-1 (above). Using marginal analysis, determine how many hours should Aaron extend his barber shop’s hours of operation?

Consider the situation of Saudi Arabia and Nigeria, both of whom are members of OPEC, which is the Organization for Petroleum Exporting Countries.  Relative to Nigeria, Saudi Arabia produces oil at a lower cost and has significantly more oil reserves.  The payoff matrix above shows the profits each country can earn (per day), depending on the choices of the two countries.  Producing “low output” means sticking to the production limits in accordance with OPEC requirements, while “high output” means producing the maximum quantity possible and ignoring the OPEC production limits. For Saudi Arabia, is there a dominant strategy?  If so, what is it?

According to the fundamental attribution error, observers do what?

In Kurt Levin’s equation to describe behavior (B = F(p,e)), what does the e stand for?

The graph above shows various points on different production possibilities frontiers the nation of Slowjamistan.A movement from the PPF with point Y to the PPF with point Z

Consider the terms “increase in supply” and “increase in quantity supplied”…  These phrases sound similar, but what is the difference in their meanings?

A movement along the demand curve for hairburshes would be caused by