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Define and explain what the production on function and the marginal output curve are. Graph the production function and the marginal output curve. How are the two related? Indicate where the ranges of
Increasing marginal returns are
Decreasing marginal returns are
Negative marginal returns are
Suppose a firm is doing the best that it can and faces the following data: TR = 40, FC =20, VC =50. Should this firm exit the market immediatly? Explain. Should this firm exit the market in the long run? Explain
When Ajax co. Produced 3 units of output per week, its total fixed cost was $100 and total variable cost was $45. When output increased to 4 units per week, total fixed cost remained at $100 and total variable cost increased to $65.
Some people seem to believe that there are goods for which the law of demand is irrelevant, goods that people just “can’t do without.” Why do economists believe that the law of demand applies to all goods.
If profit regulation is used to control a natural monopolist, the monopolist is likely to
Explain why do cattle ranchers slaughtering a large number of newborn calves and burying them in mass graves rather than transporting them to markets.
Explain why cooperative approaches may stand up to legal review more easily in unionized plants than in non-unionized environments.
Draw the extensive-form diagram for the following strategic setting. There are three people: Amy, Bart, and Chris. Amy and Bart each have two cards, one of which has “K” (for King) written on it and the other has “Q” (for Queen) written on it; that i..
Suppose the price of a can of Diet Pepsi is $1. Find out Sally's optimal consumption of Diet Coke as a function of the unit price of Diet Coke (PC).
Illustrate what greens fee should the operator set on weekday also Elucidate how many rounds will be played n the weekends.
How do we take advantage of the major opportunities and threats that the US faces as the world becomes one global marketplace and how do we deal with the downsides?
A manufacturer of an inspecting and profiling web controller has a capital investment of $200000, a fixed cost of $83000 per year and variable costs of $60 per unit produced. If the product is sold at $90 per unit, determine the breakeven quantity pe..
Write a 700- to 1,050-word paper explaining factors that affect supply and demand. Include the following Explain factors that could cause possible changes in supply and demand.
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