(5) Firm 2 is experiencing constant returns to scale.

(1) Suppose that an increasing-cost industry is currently in long-run equilibrium. The market price is $200, and there are 50 firms in the industry. In the short run, the number of firms will equal 50, but in the long run, the number of firms will increase.

(2) AAA company produces and sells computers. The firm has determined that if it hires 5 workers, it can produce 12 computers per week. If it hires 6 workers, it can produce 15 computers per week. It sells each computer for $500, and it pays each of its workers $800 per week. For the 6th worker, the marginal profit is $1,500.

(3) Jack and Rose are competitors in a local market. Each is trying to decide if it is better to advertise on TV, on radio, or not at all. If they both advertise on TV, each will earn a profit of $3,000. If they both advertise on radio, each will earn a profit of $6,000. If neither advertises at all, each will earn a profit of $9000. If one advertises on TV and other advertises on radio, then the one advertising on TV will earn $6,000 and the other will earn $5,500. If one advertises on TV and the other does not advertise, then the one advertising on TV will earn $10,000 and the other will carn $3,000. If one advertiscs on radio and the other does not advertise, then the one advertising on radio will earn $11,000 and the other will earn $5,000. If both follow their dominant strategy, then Jack will advertise on radio and earn $6,000.

(4) A tax on a market with elastic demand and elastic supply will shrink the market more than a tax on a market with inelastic demand and inelastic supply will shrink the market.

(5) If the price elasticity of demand for a good is 0.8, then a 4 percent decrease in the quantity of the good demanded might result from a 3.2 percent increase in the price of the good.

(1) The unemployment resulting from wage rigidity and job rationing is sometimes called structural unemployment.

(2) The marginal product of labor (MPL) diminishes as the amount of labor increases, this curve slopes downward. For any given real wage, the firm hires up to the point at which the MPL equals the real wage. Hence, the MPL schedule is also the firm's labor demand curve.

(3) In the Solow model, if the saving rate is low, the economy will have a large capital stock and a high level of output in the steady state.

(4) Because e employed workers help to produce goods and services, increases in the unemployment rate should be associated with decreases in real GDP. This negative relationship between unemployment and GDP is called Okun's law.

(5) Consider a firm that experiences temporary booms and buts in sales. Rather than adjusting production to match the fluctuations in sales, the firm may find it cheaper to produce goods at a steady rate. When sales are low, the firm produces more than it sells and puts the extra goods into inventory. When sales are high, the firm produces less than it sells and takes goods out of inventory. This motive for holding inventories is called production smoothing.

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