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1. Discuss and explain the differences between short and long run costs?
2. For the short run, discuss what the relationship is between cost theory and production theory and the concept of diminishing returns?
3. What is diminishing returns and how does it shape production and cost curves?
4. Discuss what the relationship is between short run cost curves and long run cost curves?
5. Finally discuss the concept of economics of scale and how long run costs curves shape the economic structure of industries?
What business will you go into, and what will comprise your fixed and variable costs? How could your business take advantage of economies of scale?
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands of dollars): Calculate a 3-month centered moving average.
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
The market is perfectly competitive which constant input prices and each firm has the same cost structure from the table listed below;
Firms like Papa John's, Domino's, and Pizza Hut sell pizza and other products which are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of such firms products permits them to charge prices a..
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
Consider the preferred prices of the authors and publishers of the electronic book, whose marginal cost of production is close to zero? Would the two disagree regarding the price to be charged for book?
Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for this output is $40 per unit.
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