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1. Suppose the total cost of producing 10 000 tennis balls is $60 000 and the fixed cost is $20 000. What is the variable cost? When output is 10 000, what are the average variable cost and the average fixed cost?
2. Suppose you go to university and live in a residential college on campus. You pay the college for your room and board. Assume that you would have had to move out of home (with your parents) whether you went to university or taken up a full time job, and that you used some of your savings as payment for tuition). What are two examples of an explicit opportunity cost of attending university? What are two examples of an implicit opportunity cost of attending university? What is an example of a cost of attending university that is not an opportunity cost?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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