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1. Describe the difference between short run and long run as they are used in economics.
2. Differentiate between Economics of scale and Diseconomies of scale.
3. Discuss and explain a perfectly competitive firm's short run supply curve.
4. Discuss characteristics of a perfectly competitive market.
Consider the production function Q=100L^.5K^.4. Suppose L=1 and K=1 so that Q=100. Explain the nature of returns to scale for this production function.
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
Write down a paragraph explaining how the Hernandez Corp. finds the least cost combination of inputs for producing the given rate of output.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Constrained optimisation model
The hair stylist, LTD., is popular-priced hairstyling salon in College Park, Maryland. Given large number of competitors, the fact that stylist routinely tailor services to meet customer needs, and the lack of entry barriers, it is reasonable to s..
Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given level of output. Determine what changes (if any) in the relative proportions of labor and raw materials need to be made to..
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.
Evaluate price elasticity of demand
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