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It is possible to have diminishing returns to a single factor of production but constant returns to scale at the same time.
A firm’s profit is equal to the difference between total revenue and total cost; therefore, a profit-maximizing firm will produce at the quantity where there is the greatest difference between marginal revenue and marginal cost.
An increase in the price of an input leads to higher costs and therefore less profit at the original quantity produced; therefore, some firms will increase the quantity they produce in order to increase revenues.
An isoquant slopes downward when the inputs to production exhibit diminishing marginal returns.
The short-run marginal cost curve slopes upward when the inputs to production exhibit diminishing marginal returns.
Competitive firms always earn zero profits because their marginal cost is equal to their marginal revenue at the optimal level of production.
A price-taking, profit-maximizing firm should never produce at a quantity where the marginal cost of producing output is decreasing.
Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.
Now suppose that x 2 is also free to vary. Derive the demands for the inputs and the long-run cost function of the firm - Draw the two cost functions on the graph. Do they cross? Which one lies higher?
Will price be higher or lower under such an agreement in long-run equilibrium than would be the case if firms didn't collude. Even in firms in a monopolistically competitive market collude successfully.
Suppose the EEOC uses a job-scoring system and determines that the wage rate for a secretary is $50 per hour, while the competitive labor market wage rate is $10 per hour. What would be the effect of such a comparable worth law
Suppose the price of celeriac decreases from $80 to $60, and the quantity demanded increases from 100 to 150 bushels. What is the price elasticity of demand using the standard percentage formulas? What is the arc price elasticity of demand?
(Functions of Money) "If an economy had only two goods (both nondurable), there would be no need for money because exchange would always be between those two goods." What important function of money does this statement disregard?
Many economists think that we are in the very early stages of putting computer technology to work and that full incorporation of computers will cause a massive restructuring of virtually every institution of modern life. If they are right, what ar..
According to Keynes, in order to get the economy out of a recession, the government should plan for a budget deficit encourage firms to export to other nations, thereby jump-starting the economy follow an expansionary monetary policyfollow a contract..
without knowly the demand function can we say how much broccoli each firm produces in long run equilibrium? if so under which assumption. if not explain why?
For this question, you are to draw two of these alternate graphs. The first graph should show the situation for two women who have access to the same market wage rate, but one chooses to work in the market (an interior solution)
What happens to the demand curve and the supply curve when any of these determinants change. Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product.
Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the effective monthly interest rate.
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