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What is economic profit? How might it differ from accounting profit? Explain why firms that are making zero economic profit are likely to continue in business.
(1) they cannot be purchased in regular grocery or hardware stores and (2) the presence of salespeople creates another "layer" that simply adds on the price. Was the government's argument correct, economically speaking Why or why not
We typically focus on firms from well-developed economies entering markets of less developed economies. Do firms from less developed economies have a chance of success if they enter developed markets such as the United States What competitive adva..
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.
2) Due to expanded growth in a certain portion of the city, a new waste truck capacity is needed. An additional truck can be purchased now to replace the presently owned assets. The city uses a 5% interest rate for project evaluation. It is eco..
Describe the difference between average revenue and marginal revenue .why are both of these revenue measures important to a profit-maximizing firm?
When choosing between bundles of beer and pizza, I always look first at the amount of pizza and choose the bundle with the largest amount of pizza. If any two bundles have the same amount of pizza
Why is there so much advertising in monopolistic competition Pick a product that you have purchased in a monopolistically competitive market structure and tell us how advertising did or did not play a key role in your decision to purchase that pro..
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
In a market economy, the price system facilitates allocation of resources. Discuss how a manager may contribute to the profit maximization goal of a firm by studying managerial economics.
What is the slope of the budget line and does this change depending on which combination of goods is purchased?
Before the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. During the war, one of Lincoln's first actions was to blockade the ports, which prevented this trade.
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