Technology reduces the average cost of production

Assignment Help Business Economics
Reference no: EM131378558

1) If the cross elasticity of demand between Coke and Pepsi is 2.02, then Coke and Pepsi are

A. inferior goods.

B. complements.

C. normal goods.

D. substitutes.

E. Both answers B and C are correct.

2. Assume that the state of Missouri decided to place a tariff on every product produced outside the state in an effort to increase the state's revenue and increase employment in the state. If Missouri did so

A. the prices of goods imported into Missouri would fall.

B. other states would begin to dump in Missouri.

C. workers with jobs in new firms replacing outminus−ofminus−state imports would earn high income.

D. the? state's total output would definitely increase.

E. the standard of living within Missouri would decrease.

3) Technology reduces the average cost of production, so in the long run

i. perfectly competitive firms produce at a lower average cost.

ii. the market price of the good falls.

iii. firms with older plants either exit the market or adopt the new technology.

A. i only.

B. iii only.

C. i and ii.

D. i and iii.

E. ?i, ii, and iii.

Reference no: EM131378558

When the output is a service rather than a good

When the output is a service rather than a good, it sometimes is difficult to quantify this service. Furthermore, the quality of a service is often as important (if not more i

Citing the same circumstances

Russell presents a study conducted in 1984 in which 79 percent of interviewed high school males and females revealed that it was acceptable to rape a girl in at least one of n

What jobs are insulated or protected from outsourcing

Why is off shoring inevitable in some jobs? What jobs are in danger? What jobs are insulated or protected from outsourcing? What can you do to protect your job from being outs

Calculate the cross-price elasticity of demand

As the price of margarine rises by 20%, a manufacturer of baked goods increases its quantity of butter demanded by 5%. Calculate the cross-price elasticity of demand between b

What is the capitalized cost of the marina if interest rate

An investor is considering the construction of a new marina on the Detroit river at a cost of $68m. M&O costs will average $80,000 per year for the first five years, and rise

Do these countries experience diminishing returns

Do these countries experience diminishing returns to physical capital per workee. And technology are held fixed in each country, can you recommend a policy to generate a dou

Ould there be any distinction between the full-employment

If this were the case would there be any automatic stabilizers in the government economy. Would there be any distinction between the full-employment deficit also actual budg

An e-business analysis of ebay

An e-Business Analysis of Ebay.”The goal in writing the Final Paper is to demonstrate an ability to analyze a company based on the concepts presented in this course. The paper

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd