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The shape of the long-run cost curve is determined by economies and diseconomies of scale. Contrast this curve with the short-run cost curve as it relates to increasing and diminishing marginal returns to labor.
Describe an industry that would meet the conditions of a perfectly competitive industry and how the individual firms would respond to an increase in the market demand for the product.
When developing short-run cost curves, it is assumed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses. Contrast this to the real world and why individual firms might experience different cost curves and different profits.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
What is the Law of Diminishing Returns. Discuss a company's two short run options: 1. stay open or 2. shut down.
Suppose the two states decide that they want to produce 590 units of wheat together (not 590 units of wheat each). What is the maximum amount of cotton that they could produce?
Utilizing the preceding write equations for total cost, average cost, and average variable cost.
Evaluate the role and the effectiveness of the Federal Reserve in stabilizing the current economy.
Industry-land was so named because it is highly industrialized. It is a world leader in production of manufactured goods. If industry-land put all its productive efforts into manufactured goods, it could produce 1,000 units per year. Draw a produc..
Canon will receive payment from its dealers on August 28th, 2012. Assuming which Canon needs to cover its expenses in Japan
Elucidate the balance sheet balances if these are the only assets and liabilities. Supposing that the people hold no currency, what happens to each of these values.
The dollar that the United States pays to import chinese goods are left in banks in china. Will this strategy raise or lower the standard of living in the United states?Briefly explain. be sure to provide a definition of "standard of living " in your..
The saving in manufacturing costs, owing to the special tools, is estimated to be $150,000 per year for 5 years. Assume MACRS depreciation for the special tools and a 39% income tax rate. What is the after-tax payback period for this investment?
Illustrate what closing time should Citywide Spirits Shoppe choose to maximize profits.
Calculate equilibrium quantity. Now suppose that the government imposes a tax on consumers of $1 per unit. Recalculate the prices for consumers and producers, and the quantity sold.
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