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Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
Labor
Capital
Land
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
Graph the demand and supply curves. What is the equilibrium price and quantity in this market and if the actual price in this market were above the equilibrium price, what would drive market toward the equilibrium?
Distinguish between explicit & implicit costs, giving example of each and what are the explicit & implicit costs of attending college?? Why does the economist classify normal profit as a cost?
Discuss the main factors (supply and demand) affecting the current price of gasoline. Include at least two supply and two demand.
Please help describe profit maximizing decision of pure monopolist firm and compare it to the profit maximizing decision of the firm in a purely competitive market and a monopolist firm in the competitive market.
Discuss how the rights of those in the public sector differ from those in the private sector, and how it affects overall public sector productivity.
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
Is the main outcome of economics (high standard of living) the only relevant question in the realm of economic analysis? Do you agree? Is quality of life also significant?
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
Constrained optimisation model
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