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Explore how a firm determines the optimal scale of a plant for a given rate of output and why this determination relates to longer-run strategies versus current operations. Also, discuss the differences between economies of scale and economies of scope and how firms can benefit from each.
Then, provide a specific company example of economics of scale or economics of scope and how it affects production and cost or how technology affects the inputs and costs. Conduct research and use specific examples.
(NOTE: Please provide references in response.)
Demand for a new drug that controls ulcers is given by equation Q = 150 - 3P (Q is bottles of medicine and P is the price per bottle in dollars). Using inverse demand (because P is graphed on the vertical axis), what is the slope of the demand curve?
An alternative to rent-control laws that would not reduce the quantity of housing supplied is:
Calculate the Golden Rule level of capital per effective worker and the saving rate associate with this steady state.
An improvement in the technology of air travel has occurred which affects both classes equally. Draw a suitable diagram to illustrate and discuss the effect on the equilibrium price and quantity of business class and economy class tickets. From th..
Two investment opportunities are as follows: For A: First cost = $150, Uniform annual benefit = 25, End-of-useful-life salvage value = 20, Useful life = 15 years. At the end of 10 years, Alt. B is not replaced. Thus, the comparison is 15 years of A v..
The accountants hired by Ohman Shoe Company have calculated fixed costs to equal $30,000, variable cost to equal $100,000, and total revenue to equal $110,000. Because of this information, Ohman Shoe Company decides
The Ehrenberg Company is among the safest companies in the nation in terms of the number of workdays lost due to accidents that take place at it each year. If it is well-known that high noise levels cause hearing loss in workers, how can the owner be..
Draw appropriate marginal income curve. Show range over which a marginal cost curve could rise or fall without affecting cost industry charges.
Why do economists differ as to the appropriate economic role of the state? What is deflation? What threat does it pose? What are the distributional consequences? What are the distributional consequences of inflation? What was the so-called "Keynesian..
Suppose that the demand curve for seats at the Frederick Keys minor league baseball stadium is given as Q^d = 6,000 - 200p. How many fans would attend a game if tickets were free and there was no limit on the number of fans permitted in the stadium? ..
Snow peak Ski Resort offers a price for a lift ticket that is barely over its marginal cost, but the high equipment rental fee keeps generating big profits. Which pricing strategy is the management using?
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $110 million to $220 million between one year and the next. Instructions: Enter your answers as whole numbers. a. Assuming that the price of gold in..
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