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Suppose a firm has the production technology shown below for Goods 1 and Goods 2 and respond to the following with an explanation for answer.
Good 1 Good 2 Both
Q1 Cost Q1 Cost Q1 Q2 Cost
10 50 10 60 10 10 100
20 100 20 100 20 20 180
30 150 30 130 30 30 250
1. Does Good 1 indicate economies of scale? Why or why not?
2. Does Good 2 indicate economies of scale? Why or why not?
3. Do the two goods indicate economies of scope? Why or why not?
Consider a perfectly competitive market. Analyze and explain in detail using graphical tools to show what you expect to happen to the number of firms and firm profitability in the short run and long run a) if demand for the product falls and b) if..
In developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries.
suppose a marine biologist was studying a population of lobsters of the coast of singapore. to determine the mean
Computing an allocation for a planned socialist economy is prone to great computational difficulties.
What monetary policies do you think caused the crisis 2. What were the effects of the policies implemented in reaction to the crisis 3. Do you think the solutions worked in the short term? In the long term? Fiscal policies 1. What fiscal ..
A market contains a group of identical price-taking firms. Each firm has a marginal cost curve SMC(Q) = 2Q, where Q is the annual output of each firm. A study reveals that each firm will produce if the price exceeds $20 per unit and will shut down
question 1. consider toms labor supply decision. tom can earn 15 per hour but he faces a 20 tax rate and pays 4 per
cost function for clinic visits in a small inner city clinic Quantity of Visits Total Cost per Week If the price per visit is given to be $25, at what level of visits will the maximum profit position be.
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Suppose that the Government introduces a labor tax: for each hour of labor hired, the firm needs to pay to the Government. Find the new optimal demand for labor. Is it higher or lower than in the absence of the tax?
Does microeconomics apply to every nation in the world. Explain your reasoning. and explain the specifics of any cases or examples you use and the implications of similar on local citizens of that country.
you are given the following scenarios for considerationscenario 1 assume that the government imposed a price ceiling on
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