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In the short-run, a firm in perfect competition has a supply curve that is the same as its

Rainbow Writer (RW) is a small company selling an excellent software package for printing special messages directly onto artillery ammunition shells.  The warriors who use these shells believe that the special messages increase the accuracy of their strikes at the enemy.  RW is currently earning $2 million per year selling only to its customers.  Odeon is a company that produces artillery shells, and they have expressed an interest in bundling some of RW’s technology to allow the wives of the warriors to write special messages to the enemy.  Odeon thinks that including RW’s technology would allow it to boost profits above the current $12 million they are earning.  The decision tree above shows the strategies and outcomes of the bargaining game… Odeon will offer either $30 or $40, and RW will accept or reject the offer. What is the equilibrium outcome in this game (i.e. what do you think will happen)?

  Quantity Price(dollars) Total Revenue(dollars) 1 $7.50 $7.50 2 7.00 14.00 3 6.50 19.50 4 6.00 24.00 5 5.50 27.50 6 5.00 30.00   Consider the marginal revenue associated with the 5th unit.  How much of that is due to the output effect, and how much is due to the price effect?

The distinction of the large bowel from the small bowel is possible as early as ____ weeks’ gestation.

Marginal analysis is about looking at the costs and benefits of a course of action and doing something ____________.

Which of the following describes the “direct control” for MES- Dual Input Control

In April, buyers of hairbrushes expect the price of hairbrushes will fall in May. What happens in the hairbrush market in April, holding everything else constant?

A 23-year-old woman is admitted to the hospital due to back pain. Radiographic examination reveals that she suffers from a clinical condition affecting hervertebral column. Physical examination and history taking reveals that she suffered from polio and a muscular dystrophy. Which of the following conditions of the vertebral column will most likely be present in this patient?

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)

Joe is addicted to Taco Bell. He says he has to have his 2 tacos everyday, and he will do or pay whatever is necessary to get them. On the basis of this information, what can you conclude about his price elasticity of demand for tacos?