economic applications project, Microeconomics

Within analysis of perfect competition, we distinguish between the short run and the long run on the basis that use of some input factors is fixed in the short run, but variable in the long run.
Assume that all firms in an industry have access to the same technology of production. Using diagrams, demonstrate the relationship between the short run and long run total cost functions, and between the short run and long run average and marginal cost functions. Using an example in which the total cost is a cubic function, show how the most common diagrammatic explanation of profit maximisation in textbooks requires an assumption of eventually diminishing returns to scale, and discuss the plausibility of that assumption.
Posted Date: 10/24/2012 6:40:30 PM | Location : United States







Related Discussions:- economic applications project, Assignment Help, Ask Question on economic applications project, Get Answer, Expert's Help, economic applications project Discussions

Write discussion on economic applications project
Your posts are moderated
Related Questions
Fluctuations in Growth Rates: Fluctuations in year-to-year growth rates in early stages were very marked, which indicated that the economy had failed to create conditions cond

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

When is the price of a product demand determined? The price of a product is demand defined while the product is in fixed supply. This means that the price of the product is defin

what is demand forecasting and defines its techniques

Ask question #Minimu2. Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appra

Money facilitates market activities and is essential in complex market systems.  With money people can avoid the problems  associated with coincidence of wants.  Between, these pro

criticism of cournot model

once vaccinated,a person cannot catch a cold or give a cold to someone else. As a result,the marginal social benefit resulting from consumption of the vaccine.

Disposable Personal Income The amount of cash remaining after taxes are removed that an individual has the opportunity to spend.

A recent national survey found that high school students watched an average (mean) of 7.2 DVDs per month with a population standard deviation of .90. A random sample of 35 college