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1.) Define technological advance, and explain how does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a firm into a profitable purely competitive industry; the imitation of a new production process by another firm; an increase in a firm's advertising expenditures?3.) Contrast the older and the modern views if technological advance as they relate to the economy. What is the role of entrepreneurs and other innovators in technological advance? How does research by universities and government affect innovators and technological advance? Why do you think some university researchers are becoming more like entrepreneurs and less like "pure scientists"?7.) Learning how to use software takes time. So once customers have learned to use a particular software package, it is easier to sell them software upgrades than to convince them to switch to new software. What implications does this have for expected rates of return on R&D spending for software firms developing upgrades versus firms developing imitative products?9.) Why might a firm making a large economic profit from its existing product employ a fast-second strategy in relationship to new or improved products? What risks does it run in pursing this strategy? What incentive does a firm have to engage in R&D when rivals can imitate its new product?12.) Evaluate: "Society does not need laws outlawing monopolization and monopoly. Inevitably, monopoly causes its own self-destruction, since its high profit is the lure for other firms or entrepreneurs to develop substitute products."
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Use method of Lagrange multipliers to find the cost function c(r,w,y). Find out the average and marginal cost. Find out the interpretation of the Lagrange multiplier in part (a)? What is the importance of term (a+b) being less than, equal to, or grea..
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
You know from data gathered on the widget market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your widget..
Show the country's production possibility curve.
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
In the absence of a quota, what is the equation for the total supply of wine? Show your work - what are the equilibrium price and quantity of wine? Show your work.
Each demand curve must eventually hit the quantity axis because with limited incomes there is always a value so high that there is no demand for the good.
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
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