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Given the following cost function:
TC = 160 Q – 20 Q2 + 1.2 Q3
a) Is this a short-run cost function or a long-run cost function? How do you know?
b) Derive the long-run average cost and marginal cost equations, and plot them on a graph.
c) At what level of output does average cost reach its low point?
If the average income in the town increases to 15, solve for the new equilibrium Quantity and equilibrium Pb.
Using the midpoint method, what is the cross price elasticity of the demand for apple juice with regard to the price of orange juice
A industry is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do.
Explain how industrial regulation affects the market and the entities affected by industrial regulation in terms of market structure.
Why should this policy be undertaken under conditions where economy is at some GDP level less than full employment level? You may use a long run aggregate supply curve to bolster your argument here.
Explain why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run
the achievement of which will not selectively also materially benefit the membership or the activities of the organization" are called.
Explain briefly the ethical situation. What are the all the different actions you could have taken. What are the consequences of each of these actions.
How does anarchy lead to a focus on consensus and give power to veto states and coalitions? How does ecology and sovereignty collide?
Elucidate how resource scarcity influences this marketplace also describe choices stakeholders must make.
Given the following annual information about a hypothetical country, answer questions a through d
What should have happened to their real wage. Given a constant MPL, barbers should have experienced no wage change. D. In what units is real wage in part.
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