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Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
Labor
Capital
Land
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Will firms in industries, in which high levels of output are necessary for minimum efficient scale, tend to have substantial degrees of operating leverage? Please explain.
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
Demand for DVD rentals at a video store is described by the equation: Q= 4,000-500P, where Q denotes the number of DVDs rented per week and P is the rental price in dollars.
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 the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
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.
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
Compute Calvin's profit-maximizing output level. Compute the Calvin's economic profits at this activity level. Is this activity level sustainable in long run?
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