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What is the average fixed cost of producing 2 units of output based on the following table:
Output 0 1 2 3Costs 10 11 13 16
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
Identify which of the determinants of demand or supply are affected and also indicate whether demand or supply increases or decreases.
Discuss if you agree or disagree with this statement and explain your position: Market equilibrium (price and quantity of equilibrium) is just a theoretical result.
Show the country's production possibility curve.
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
A hypothetical study examines the operations of a couple of hundreds medical clinics, with the data for amount of expenses for new medical equipment relative to total expenses in particular year(s), and the amount of revenue per physician in subse..
Are brand extensions an important brand-growth strategy or can they endanger brands? Perhaps start with a definition of brand extensions?
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