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a) Draw a graph that illustrates the average total cost, average variable cost, average fixed cost and marginal cost curves for a firm. List any assumptions you have made in constructing this graph.
b) Assume that your answers to part a) represent the cost curves for a wine making firm. Illustrate and explain how each of the following affects the firm’s average total cost, average variable cost, average fixed cost and marginal cost. (i) An increase in the price of labour. (ii) A reduction in the annual rent the company pays on its warehouse.
c) With the aid of relevant diagrams, illustrate and explain the shapes of short-run and long run average total cost curves, and the logic behind the points at which these curves meet.
Explain how you would determine the maximum amount you are willing to spend to fight the case, assuming that you will win if you fight
Calculate the cost elasticity of demand as well as for paint as well as show your calculations.
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The Rustin Transportation Planning Board estimates the cost of upgrading a 4-mile section of 4-lane highway from public use to toll road to be $41 million now. Resurfacing and other maintenance will cost $820,000 every 4 years. A toll road would requ..
If the own price elasticity of demand is infinite in absolute value, then: demand is perfectly elastic. the demand curve is vertical. consumers do not respond at all to changes in price. the demand curve is vertical and consumers do not respond at al..
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Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to..
Submit the answers to to the following questions in the unit 8 drop box. You must explain your answer and provide your supporting computations. Why do we have a reason to expect that market forces will keep prices (adjusted for exchange rates) the sa..
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Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Kaufman enterprises has bonds outstanding with a $1,000 face value and 10 years left until maturity. They have an 11% annual coupon payment, and their current price is $1,175. The bonds may be called in 5 years at 109% of face value (Call price = $1,..
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