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1) Explain the difference between the short run and the long run as it relates to the firm's production function. Why is this distinction important to a firm's manager?
2) Explain why a firm maximizes its profits by producing the level of output at which marginal revenue equals marginal costs.
3) Explain how labor resistance and political and legislative influences reduce the ability of firms to minimize their costs of production. What do the two have in common in this regard?
4) What are the two primary factors that influence a firm manager's choice between a labor-intensive and a capital-intensive method of production? How does each factor influence the manager's choice?
5) Summarize the relationship between elasticity, price changes, and changes in total revenue.
6) Distinguish between "a change in demand" and "a change in quantity demanded." What are the causes of each type of change and how do we illustrate them graphically?
7) List the factors that influence supply. How does a change in each of factors you have listed affect the supply curve?
Q1. Consider a market characterized by the following inverse demand and supply functions:
2.What could be done to change the price elasticity of demand in a desirable direction?
Adriatic Company's stock had a required return of 11.50 percent last year, when the risk-free rate was 5.50% and the market risk premium was 4.75 percent.
Which of the two options should Patricia pursue if she wants to open a restaurant in a suburban area of Los Angeles? Calculate the total expected utility from each restaurant option and compare.
ANNA is considering to form a new company with initial investment of $8Million, there are two projects available for her to choose. the first project offers a 40 percent chance of a $12.5 million payoff
What are the two primary factors that influence a firm manager's choice between a labor-intensive and a capital-intensive method of production? How does each factor influence the manager's choice.
The peace barber shop employs 4-barbers. One barber, who also serves as the manager, is paid a salary of $1,800 every month. The other barbers are paid 1,300 every month.
1. How does money aid the specialization and division of labor?
1.For what possible reasons may one country experiences a persistently faster rate of economic growth than another?
Propose how differences in demand and elasticity lead managers to develop various pricing strategies and analyze the economic impact of contracting, governance and organizational form within organizations.
It is easier to control the monetary base than broader money, but it is less relevant to do so. Do you agree with this statement?
Difficult concept or formula you have encountered, as well as what made it so and the possible impact of an economist not understanding that concept or formula at all.
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