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For a perfectly competitive firm in the short run, are there situations where a company remains in the market even if it cannot cover its average total cost per unit at a particular output level? Explain. What would be the deciding factor in forcing a firm in perfect competition to shut down in the longer run? Explain.
A firm has a production function given by q=2 sqrt(KL) In the short run, the firm’s amount of capital equipment is fixed at K=100. The rental rate for K is v=$1, and the wage rate for L is w=$4. Find the firm’s short-run total cost function (STC). Ca..
Choose a firm that sells their products through more than one channel of distribution. (For example, Miller beer is sold through grocery stores, convenience stores, liquor stores, restaurants, bars, and stadiums—each is a different channel.) Address ..
Some economists believe that business owners who emphasize profit maximization will hire the most productive workers regardless of the personal characteristics of the worker; hence, these firms will drive discriminating firms out of business.
The anticipated capacity factor is 70 percent also the price for selling power will not escalate. The operational life of the plant is 40 years also the salvage value negligible.
Apple has chosen to have the components for the iPhone manufactured by more than 30 companies around the world, as opposed to producing everything itself. Address the three basic economic questions: How does this choice determine what, how, and for w..
Primo Salt, Inc., manufactures salt, according to the following production function: Q(K, L) = 2L 1/2K 1/3 , where output Q is measured in tonnes, L in labour-days, and K in machine-days. Give the wage rate w (in $/labour-day), the number of machine-..
quinns video shop has provided you with cross-sectional expenditures data from thirty randomly selected customers data
Suppose you are hired to manage a small manufacturing facility that produces Widgets. You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From..
The aggregate demand curve portrays the relationship between price level and real GDP. What are the three reasons this relationship is a negative or inverse relationship? Provide brief illustrations of each. What role do imports play in aggregate dem..
Travelers driving through Gotham city can use a freeway or cross town toll way to get thru the city. The toll way charges $1.00 per car during the morning rush (6-9AM) and the afternoon rush (4-7PM) and the toll is $0.40 at other times. What are the ..
Gavin Jones’s friend is planning to invest $1 million in a rock concert to be held 1 year from now. The friend figures that he will obtain $3 million revenue from his $1 million investment - unless, my goodness, it rains. What is the expected rate of..
How would each of the following changes affect the demand cure for acupuncture?
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