A travel agent arranged a payment plan for a client. It required a down payment of $300 and 12 monthly payments of $567. What was the total cost of the plan?

A government can reduce the welfare inefficiencies caused by a monopoly by

1.

If the market price is greater than _______ cost, a perfectly competitive firm can earn economic profits in the short run.

2.

The ___________ cost curve is closely associated with the firm's short-run supply curve in perfect competition.

3.

Which of the following will not occur if demand falls in the competitive market?

Given the following demand and cost functions, answer the questions below. ??(?) = 150 − 3? ?(?) = 5? a) What is the perfectly competitive long-run equilibrium price and quantity? b) Suppose the market is served by a monopolist, what is the long-run equilibrium price and quantity? c) Graph the demand, marginal cost, and marginal revenue curves. Indicate the equilibrium price and quantity pairs under perfect competition and monopoly. d) What are consumer, producer, and total surplus under perfect competition? e) What are consumer, producer, and total surplus under monopoly? f) What is the size of the deadweight loss under monopoly?

Efficiency:

Paul Heyne's definition:

Efficiency = value of output / value of input

Note that this definition is subjective, incorporating value judgements.

Mateer's definition:

Efficiency: the property of a resource allocation of maximizing the total surplus received by all members of society.

Maximize: Total Surplus = Value to Buyers less Cost to sellers

Other concepts:

Allocative Efficiency - Producing the combination of goods and services that satisfies society's wants to the greatest degree.

Technical Efficiency - Producing goods and services for the least possible cost while maintaining full utilization of resources.

Assignment: Just let me know that you understand the basic ideas.

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 23 units at $44 Sale 8 units at $68 First purchase 23 units at $46 Sale 23 units at $69 Second purchase 11 units at $47 Sale 11 units at $69 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO? $

Selma produces t-shirts. From the consumers' perspective, her t-shirts are not different from t-shirts offered by other sellers. Selma sells her t-shirts at the going market price of $8 per t-shirt. Her total variable cost is $25 when she produces four t-shirts and $32 when she produces five t-shirts. Her total fixed cost is $20. What is Selma's marginal revenue from selling the fifth t-shirt? Question 36 options: $8 $10.40 $12 $7 ..

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?

b. What is the total cost of the ending inventory according to LIFO?

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year:

Beginning inventory 20 units at $48

Sale 17 units at $72

First purchase 18 units at $51

Sale 6 units at $74

Second purchase 28 units at $53

Sale 13 units at $76

The firm uses the perpetual inventory system, and there are 30 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO?

An open-end mutual fund has the following assets. Please calculate Net Asset Value per share and total cost of buying one share of the mutual fund.

What is the NAV?

What is Total Purchasing Cost Per Fund share?