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The shape of the long-run cost curve is determined by economies and diseconomies of scale. Contrast this curve with the short-run cost curve as it relates to increasing and diminishing marginal returns to labor.
Describe an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
When developing short-run cost curves, it is assumed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses. Contrast this to the real world and why individual firms might experience different cost curves and different profits.
this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What w..
At the beginning of your answer be sure to explain what a price floor is, explain why the government might impose a floor, and who it is intended to benefit.
Illustrate what amount of profit does the industry fail to pick up by refusing to increase output by one unit
Interpret these results. Is profit per employee much sensitive to industry-specific or firm-specific factors for this sample of giant corporations.
K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor). Illustrate what is the average product of labor.
Elucidate why a system of marketable polution permits leads to less costly pollution abatement and a higher concentration of polluted areas tha a command - and control system.
Elucidate why does a starbucks coffeehouse face a downward sloping demand curve, while a wheat farmer faces a horizontal demand curve.
The congestion fee was raised to £8 in July 2005. Illustrate the new equilibrium point on your graph also assuming new charge is now optimally set.
Health officials have suggested that the spread of AIDS can be partly contained if more males use condoms.
Elucidate how many car companies will buy a latest car assembly machine. Interest payments are made once a year.
Explain your first instinct is to call the trade representative of your country to lobby against the import quota. Is following through with your first instinct necessarily the best decision.
Illustrate at what price can the firm sell the level of output found in the previous question.
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