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1). Describe the factors that may cause economies and diseconomies of scale. Give an example of each.
2). Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
3). Why is the equality of marginal revenue to marginal cost essential to profit maximization in all of the market structures? Explain the decision-making process when MR is greater than MC and when MC is greater than MC. Why does a manager want to operate at a capacity where MR=MC?
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
On Valentines Day, the prices of flowers and chocolate are usually high compared to other times. How do the principles of demand and supply describe the reasoning behind such price increases?
A fashion firm manufactures outfits using two inputs, design skills (L) and expensive materials (M). The cost of fabrication is small and might be ignored as a first approximation.
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Write down the difference between Equilibrium price and Equilibrium quantity. What role does elasticity place?
What is the Exy and what does that number mean and what is the relationship between these two goods - What would happen to total revenue with the price reduction
Suppose an economy of two firms and two consumers. The two firms pollute. Firm 1 has a marginal savings function of MS1(e) = 5-e where e is the quantity of emissions from the firm.
You're the manager of the firm that sells a commodity in market that resembles perfect competition, and your cost function is C(Q)=Q+2Q^2. Compute the expected market price.
You're an entrepreneur and you've opened a restaurant in a nice area of town. Describe at least two long run decisions which you require to make about the business.
Describe the revenue, costs, and profit that Starbucks expected when it entered this market.
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
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