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1. Name the three measures that examine a firm's per-unit cost at a given level of output.
2. Why does a firm's fixed cost not affect its marginal cost of producing an additional unit of a product?
3. Why is a firm's short-run total cost greater than its long-run total cost? Explain why this is also true for a firm's short-run and long-run average costs.
Notice that average product (that is, output per worker) continues to rise after marginal product has fallen. Why How can it be that output per worker can rise after the point of diminishing returns has been encountered
Suppose that the price of salt rises from 15 cents to 17 cents a kilogram. The quantity demanded decreases from 525 kilograms to 475 kilograms per month, and the quantity supplied increases from 525 kilograms to 600 kilograms per month.
George and KC have been working jobs that pay $20,000 and $30,000/year, respectively. They are trying to decide whether to quit their jobs and jointly open up a taco stand on the beach, which they estimate can earn $60,000/ year. How will the taco..
Determine national income (NI) for 2008 and what does national income tell us? Discuss the difference between GDP and NI?
The two sample sizes were 12 for children under 12 and 15 for children 13 to 17 years of age. Further, the standard deviation for children under 12 was 51.7, while the standard deviation for children 13 to 17 of age was 67.6.
What assumptions could be changed to shift the production possibilities curve?
Suppose that Belgium cocoa beans can be sold in the U.S. The U.S. demand schedule for Belgium cocoa beans is as follows: Price of Belgium cocoa beans (per pound) Quantity of Belgium cocoa beans demanded (pounds)
Use a graph of the market for electricity produced from fossil fuel to show the "pro" and the "con" from a carbon tax.
Quagmire Corporation wants to set up a manufacturing plant to last for 20 years. Initial costs at year 0 are $18,000 for the building and $31,000 for the equipment. At year 10 there will be a major machinery overhaul
The firm prefers to have type M in job D type U in job E. In the best outside option, the candidate is paid $80,000 a year. The monetary value of disutility in the job D is $15,000 for type M and $30,000 for type U.
What are the criticisms of the CPI as it is now calculated?
Suppose that the production of crayons (q) is conducted at two locations and uses only labor as an input.The production function in location 1 by Q1=10Lx^0.5 and in location 2 by Q2=50Ly^0.5
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