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Answer the following question in your own words without quoting anyone:
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
If the government imposes a $1 per-unit tax, how do the marginal, average total, and average variable costs change? What if instead the government imposes a $100 per-firm tax?
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Compute the price elasticity of demand using the point formula for Px = 20 and Py = 10. Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect t..
Your firm sells a very popular children's game. As the manager, you have received information that another firm is thinking about introducing a similar game. You have the following facts:
A perfectly competitive firm encounters the following monthly costs and price. What is the fixed cost of this firm? What is the optimal output of this firm?
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
Compute Calvin's profit-maximizing output level. Compute the Calvin's economic profits at this activity level. Is this activity level sustainable in long run?
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
Assume that you became president of small theater company. Your playhouse has the 120 seats and small stage. The actors have national reputations, and demand for tickets is enormous relative to number of seats available
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