[SOLVED] A perfectly competitive industry

Using the following production and cost schedule, fill in the remaining blank spaces for the following firm with the information provided: a perfectly competitive industry

# of workers    Quantity    FC    VC    TC    MPL    ATC    AVC    MC
0        0                80
1        625                130
2        1325                180
3        2200                230
4        2600                280
5        2900                330
6        3100                380

Using the results from the chart above, draw the ATC, AVC, and MC curves.  Explain why those curves have their shape.

Assume the firm above is in a perfectly competitive industry.  Assume the market for the product has an equilibrium price.  Using the cost curves from #5 indicate whether the firm is making a profit

xplain in your own words what would happen if the government imposed a price ceiling on gasoline at $4 per gallon.  Draw and show the effect you indicated.  Show the effects on consumer, producer, and economic surplus based on your drawings.

 

 

 

 

Cars        Computers
Germany    8000            2000
Switzerland    7000            7000
Draw the production possibilities for both countries.
Does either country hold an absolute advantage.  Explain.
Does either country hold a comparative advantage.  Explain.
Show a trade that benefits both countries.

 

 

 

Using the following utility information:
# of cups    Total Utility        # of slices    Total Utility
0        0            0        0
1        15            1        40
2        27            2        75
3        37            3        105
4        44            4        130
5        47            5        145
6        45            6        142

Explain the consumption decisions if you had $15 to spend and each cup of Coke costs $2 and each slice of pizza is $4.

 

 

Draw a standard labor market diagram.  Assume this is the market for fast-food workers.  Show and explain what would happen in the market if these workers were to unionize

Explain the consumption decisions if you had $15 to spend and each cup of Coke costs $2 and each slice of pizza is $4.

 

 

Draw a standard labor market diagram.  Assume this is the market for fast-food workers.  Show and explain what would happen in the market if these workers were to unionize

Explain the consumption decisions if you had $15 to spend and each cup of Coke costs $2 and each slice of pizza is $4.

 

 

Draw a standard labor market diagram.  Assume this is the market for fast-food workers.  Show and explain what would happen in the market if these workers were to unionize