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1). Describe the factors that may cause economies and diseconomies of scale. Give an example of each.
2). Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
3). Why is the equality of marginal revenue to marginal cost essential to profit maximization in all of the market structures? Explain the decision-making process when MR is greater than MC and when MC is greater than MC. Why does a manager want to operate at a capacity where MR=MC?
Suppose you're a city planner working on new industrial park and contemplating the use of industrial ecosystem. Describe the major advantages and disadvantages of industrial ecosystem which you would consider in making your decision.
From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?
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
Gamma corporation one of the firms which retains you as the financial analyst is considering buying out Beta Corporation. Discuss how these data provide evidence of inefficiency. How could the new manager of Beta Corporation improve efficiency?
Economics of Markets and Organizations
Airlines practice price discrimination by charging leisure travelers and business travelers different prices. Different customers pay varying prices for essentially the same coach seat because some passengers qualify for discounts and others do no..
Derive the equation for the demand curve facing the airline during the winter month of January if P = $100, PC = 150, BAI = 200, and S+0 (Price should be expressed as a function of quantity.)
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Assume that the demand curve for apples is given by Qd = 140 - 5P, where Qd is number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 3P, where Qs is the number of pounds provided.
What are the various methods of inventory valuation? Explain the effect of inventory valuation methods on profit during inflation. What are the provisions of Accounting Standard 2 (AS-2) with regards to inventory valuation?
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
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