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True/False (Explain) (The explanation is the most important part – no credit will be given for True/False answer alone)
1) There are very large numbers of restaurants in major cities such as Los Angeles, and very large numbers of restaurant customers, so it is appropriate to use the supply and demand model to analyze the market for restaurants in this sort of city.
2) A particular firm has decreasing returns to scale at all levels of output. If it was divided into two smaller firms that each use exactly half the amount of all inputs compared to the original firm, and prices remained constant, the combined profits of the two smaller firms would be greater than the profit of the original firm.
3) Competitive firms always earn zero profits because their marginal cost is equal to their marginal revenue at the optimal level of production.
4) An increase in the price of an input used by a firm leads to higher costs and lower profit at the original quantity produced; therefore, it should respond by increasing its quantity produced so that its revenue will increase.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 110 - 0.25P, and the marginal cost of production is $160. Determine the optimal number of units to put i..
What is current process capability as measured by Cp. What is current process capability as measured by Cpk.
A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold. Describe elasticities and the nature of the two products.
Write a summary of how the United States and the other country differ. Which of the two countries has better prospects for the future and why? Provide a reasoned opinion.
Discuss the five reasons that Crooks outlines in the article and finish your post by offering your opinion of whether The Economist's viewpoint or with The Industrialist's viewpoint is more agreeable.
you know that one senator on the Environmental Subcommittee will ask you to justify why the firm should not be charged a per-unit tax on the firm†TM s output to compensate for the pollution it discharges into a major river.
Under the household production model, the full cost of any activity equals:
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Full employment is without a doubt the ultimate goal of every nation; however, in spite of the failures of controlled labor markets over the past thirty years there is still a lot of controversy
Critique a human resource article which study employee development (appraising and managing performance, training the workforce, developing careers). The critique must contain the following: -A brief introduction of the article A statement of the pro..
Assuming transaction costs are small, the Coase theorem would predict that private parties could arrive at an efficient solution for which of the following problems?
A new production technology for making vitamins is invented by a college professor who decides not to patent it. Thus, it is available for anybody to copy and put into use. The TC per bottle for production up to 100,000 bottles per day is given in th..
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