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Pick a good or service. Distinguish between the short-run and the long-run production and cost function for that good or service. Discuss how price plays a role in short-run and long-run decisions and how managers are likely to respond in each case.
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
A formal study of 3-branches of government and the way they effect intergovernmental relations necessarily focuses on executive, legislative, and judicial branches.
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
Assume the recent volcanic events in Iceland, which disrupted European air travel significantly, represented just starting. In other words, assume that experts forecast a world-wide series of big eruptions from active volcanoes.
Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
An increase in _____________ is an increase in the quantity willingly provided at any price, or (equivalently) a decrease in the price necessary to bring forth any particular amount to the market? An decrease in price in one market will (all else ..
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
A new item that is manufactured and consumed only in United States and France is about to be launched. In the United States, the following demand and supply curves are appropriate,
Tetrangle Manufacturing has fixed costs of $2,160 per day. The firm manufactures bicycle component upgrade kits. What is the breakeven level of daily output for the firm?
Consider an economy that abides by the classical mode. The production function is unspecified, but we know that the Theory of Distribution (ToD)[W/P=MPN] holds. Suppose there is adrop in the level of capital.
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
Using the AD-AS model, if consumers and business become more optimistic about the future direction of the economy and increase spending, then: aggregate demand will decrease, aggregate demand will increase.
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