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1. 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 the long-run decisions and how managers are likely to respond in each case.
2. Using the same good or service from above. Identify the fixed and variables costs are for the good or service. Based upon the costs identified, recommend whether to produce or not produce the good or service. Provide a rationale with your response.
"Production Economics" Please respond to the following:
1. From the e-Activity, determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production.
2. Pick a real or fictitious business. Create a scenario around this business in which a manager would decide to either stop operations in the short-run or going out of business in the long-run. Provide a rationale with your response.
Explain how many units of pork will the government be forced to buy to keep the price at $2.25. How much will the government spend in total.
Assume that the central bank takes the drastic strategy in part 1, but that the private sector has rational expectations.
Explain is any outcome generated by a Nash equilibrium not generated by any subgame perfect equilibrium.
Do you agree with this statement? Could you make an argument that these markets are not competitive?
Many police officer positions being advertised today require the applicant to have a college degree even though the tasks of a police officer rarely call upon college course material. From an economics perspective, why don't police departments increa..
what will be the value of the lost revenue after a 3-year period at an interest rate of 11.940397% per year, compounded continuously?
Illustrate what do you agree with the speaker. Explain your answer with the use of a graph indicating the firm's short-run cost structure.
Describe whether Indian Consumer goods industry is growing at the cost of future profitability.
Compute total revenue, total cost also profit at each quantity. Illustrate what quantity would a profit-maximizing publisher choose. Illustrate what price would it charge.
Approximately how much output should the firm allocate to market 2? What is the approximate price that will be charged in market 1? What is the approximate price that will be charged in market 2?
A Post Office is set up in the Constitution but no Central Bank was. Why didn't the founders of the US who wrote the Constitution include a bank? How did this omission hamper US economic growth and, more importantly, US economic stability?
Suppose instead that the marginal mining cost increases with the amount mined. Illustrate what is now the e¤ect on gold consumption and mining of an increased use of gold as money.
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