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Line 55:
Line 55: − ===Honors===+
Economics Model Answers Twelve - 2013 (view source)
Revision as of 04:25, July 12, 2016
, 04:25, July 12, 2016→Honors: clean up & uniformity
:Check our answer: $826.45 times 10% = $82.65. Add that and our total in one year is it would require $1000/1.1=$909.10. Repeat that process for the second year and the total is $909.10 plus $90.91=$1000.01 (the extra penny is due to rounding error).
:Check our answer: $826.45 times 10% = $82.65. Add that and our total in one year is it would require $1000/1.1=$909.10. Repeat that process for the second year and the total is $909.10 plus $90.91=$1000.01 (the extra penny is due to rounding error).
==Honors==
9. Explain why in long-run equilibrium the price charged in monopolistic competition is greater than marginal cost but equal to average total cost.
9. Explain why in long-run equilibrium the price charged in monopolistic competition is greater than marginal cost but equal to average total cost.