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Assume a competitive industry is in long-run equilibrium and firms in the industry are earning normal profits. Now assume that production technology improves such that average total costs decline by $5 a unit. Describe the process this industry will go through as it moves to a new long-run equilibrium.
Evaluate how average, total, and marginal costs change as the output of a good or service of your choice increases. Can economies of scale be maintained despite high start-up costs.
explain why a rise in the price of gasoline is likely to have more of an effect on consumers than a rise in the price of strawberry milk shakes.
What is the relationship between the marginal rate of substitution between leisure as well as labor as well as the marginal product of labor in the RC model.
Illustrate what price should firm charge to realize targeted profit. Illustrate what would be its (cost-based) mark-up ratio.
Assume that a consumer can buy only two goods, A and B, and has an income of $100. The price of A is $10 and the price of B is $20. Illustrate what is the slope of the budget line if A is measured horizontally and B is measured vertically.
When you purchase and eat a hamburger, no one else can eat the same hamburger. When you download a file on the Internet, the file is still available.
A young physician makes $180,000 per year with an annual salary increase of 2%.
Depict the von Neumann-Morgenstern utility index u in a diagram
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them also staff them with employees.
Joe is an empire builder". That is, his goal is to produce and sell as much as possible. Show that Joe's output is a decreasing function of all input prices.
Compare the magnitude of the percentage in the rental on capital with percentage change in wage in part 1. Use notation format.
Would the sales of pollution rights or certificates be an efficient means of allocating a given amount of pollution.
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