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The effective capacity and efficiency for next quarter at MMU Mfg. in Waco, Texas, for each of three departments are given below.
Department Effective Capacity Recent Efficiency
Deign 93,600 .95Fabrication 156,000 1.03Finishing 62,400 1.05
Compute the expected production for next quarter for each department.
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Employ an isoquant and isocost diagram and words to show how firms will respond to the decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
What factors would cause a firm to decide to buy intermediate products needed for production of its final goods or services?
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Describe the difference between a monopoly and an oligopoly, and a cartel and provide an example of the monopoly, an oligopoly, and a cartel and write down the welfare effects of monopolies and oligopolies.
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
The Smith's Company's marketing manager has determine that the price elasticity of demand for its product equals -2.2. According to the studies he has performed, the relationship between the amount spent by firm on advertising and its sales as fol..
At what output is AVC at minimum? If the market price of firm's output is $7 per unit, should the firm produce or shut down?
Describe why it would cost Andre Agassi or Venus Williams more to leave professional tennis tour and open the tennis shop than it would for the coach of the univeristy tennis team to do so.
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