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Edward the entrepreneur takes two hours to cut a lawn, and he cuts 1,000 lawns per year, he use solar powered equipment thw will last forever and can be sold for $20000. the interest rate is 10 perent given his current output level, compute his marginal cost and average cost of cutting lawns
a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $140?
Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and the long-run decisions and how managers are likely to respond in each..
Describe the Internal Environment, specifically the history and development of your organization-- its origins, path of development, competitive environment, inner structure.
At a management luncheon, two managers were overheard arguing about the following statement: "A manager should never hire another worker if the new person causes diminishing returns." Is this statment correct
Assuming the industry is perfectly competitive, calculate the domestic equilibrium price and output combination and Is the outcome in part B desirable from society's viewpoint
Defenders of Communist economic systems may point out that customers pay lower values for certain goods because government imposes a limit on what manufacturer may charge.
How will this change the industry output and market share for each company and is there any incentive for any company to cheat under either of the conditions in tasks a and b? Why or why not?
Suppose you earned $50,000 last year, and inflation is at 5%. You receive a salary increase of $2,000. Explain your increase salary in nominal and real terms.
Construct a table showing the marginal cost of production. What is the minimum price necessary for the company to supply ten thousand copies? How many copies would the company supply at industry prices of $5,500 and $7,000 per ten thousand?
What is the market equilibrium price and quantity? 2. How much is the consumer surplus and the producer surplus?
A major step toward mastering the economic way of considering is learning to reason in terms of supply and demand. I have listed many questions below to answer and practice these ideas.
Consider the problem of a competitive firm and what is the maximum market price at which the firm decides to supply zero?
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