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1. Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns --- what is diminishing returns and how does it shape production and cost curves. Then, discuss the relationship between short run cost curves and long run cost curves. Finally discuss the concept of economics of scale and how long run costs curves shape the economic structure of industries.
2. Define the economic characteristics of the market structures (Perfect Competition, Monopolistic Competition, Oligopoly and Monopoly). Select ONE of the market structures and show how we can predict the short run and long run profit maximizing equilibrium positions with respect to quantity produced, price, total costs, total revenues and profits.
3. How do markets determine the payments to the various factors of production and determine the distribution of income? Explain.
For each of following changes, show/explain the effect on DEMAND CURVE and state what will take place to market equilibrium price and quantity (in the short run).
Find out the socially efficient price, units of output and profits? How much output would a monopoly produce? Find out the price and profits of the monopolist?
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
According to the computer industry what are positive and negative effects of either a sudden increase or decrease in the number of competitors on prices in long run.
The market for a standard-sized cardboard container comprises two firms: BooBox and Flimflax. As manager of BooBox you enjoy patented technology which permits your company to produce boxes faster and at lower cost than Flimflax.
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
Gentleman Gym just paid its annual dividend of $3 per share, and it is hugely expected that the dividend will raise by five percent per year indefinitely.
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
A change in real money supply can result either from a change in nominal money supply through Federal Reserve policy or from a change in the price level.
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
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