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1. Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
2. Define Short Run Production Costs (TC, FC, VC, ATC, AVC and MC). Why ATC, AVC, and MC are U-shaped?
Estimate the number of cups served per week and determine outlet demand curve. What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve
The upper graph is for perfectly competitive firm. The lower graph is for the monoploist. Employ the graphs to answer the following questions: What is the firm's Total Revenue?
Southcoast Oil's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10.
What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
Price elasticity of demand for two customer segments
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Assume there're three firms with the same individual demand function. This function is Q=1,000-40P. Assume each firm had the diffeerent cost function these functions are: Firm 1: 4,000+ 5Q
What is the average fixed cost of producing 2 units of output based on the following table:
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