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Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making. Finally give me something other then a text book definition on market equilibrium and explain how it is determined.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Solve the partial derivative
Estimate the demand function
Write down the household's budget constraints for period 1 and 2 and identify the current account.
Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
In the absence of a quota, what is the equation for the total supply of wine? Show your work - what are the equilibrium price and quantity of wine? Show your work.
The expected returns earned from investment in the stock of two companies, Company A and Company B, are shown in the following table. Use the table to complete parts (a) through (e) below.
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
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