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Plot total, marginal, and average product and explain in detail the relationship between each pair of curves.
Explain why marginal product first rises, then declines, and ultimately becomes negative.
What bearing does the law of diminishing returns have on short-run costs? Be specific.
"When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal cost is rising." Illustrate and explain graphically.
Inputs labour
Total Product
Marginal Product
Average Product
0
1
15
2
34
19
17
3
51
4
65
14
16.25
5
74
9
14.8
6
80
13.33
7
83
11.86
8
82
-1
10.25
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Throughout this course we have discussed the 'agency problem' - i.e., when the interests of owners and managers are not properly aligned.
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
Suppose two nations are considering specializing in either calculators or personal computers. If solely producing calculators, country A can produce 300 and country B can produce 400.
At the end of 2002, the (1-year) interest rate was 1% in the U.S., and 26% in Argentina. Recall that at the same time, the spot rate for the Argentine currency was Peso 4.00/$.
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
A monopolist encounters the following demand curve: P=120-0.02Q-What is the level of production, price and total profits per week?
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