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Questions 1. Explain why supply is more elastic in the long run.
Question 2. Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
Question 3. In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.
Question 4. Suppose you attend a meeting at work to discuss whether to change the price of your product. You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demand is elastic or not? Explain. Is it possible that you are both right? Explain
Questions 5. Explain why demand is more elastic in the long run than in the short run.
Does the Law of Demand hold for Natty Light? Prove using calculus.Is Natty Light a normal or an inferior good? Prove using calculus.
Why may the amount of fertilizer Farmer Jones puts on the corn fields not affect the corn price or Jones' neighbour’s profits? But if Cadillac offers a new fuel "economic V-8" how come Lexus, BMW, Mercedes, Infinity, and Acura are affected?
suppose that the reserve requirement is 10 percent and the balance sheet of the peoples national bank looks like the
the pizza company is considering entering the marketplace in your community. use the information from the pizza company
(i) Draw the budget constraint of a student who buys such a card before and after the scheme is introduced.
most spells of unemployment are short and most unemployment observed at any given time is long term. how can this
What is likely to happen to the proportion of schoolchildren classified as "disabled" and why? B. Since the diagnoses of many disabilities are to some extent subjective, how might schools respond to the new education funding system?
You work at a Gazebo company (Shady Tents) and you hire an economist to estimate the price elasticity of demand for your product, and the estimate is .9 (in absolute value) and this has been fairly stable over the last year. Are you profit maximizing..
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
Does it appear as though this firm is pricing its automobiles optimally? Why or why not? What advice would you give this firm with regards to its pricing policy and what would be the effect on the U.S. dollar-euro
First, discuss the decision by doctors to enter seperate markets for various specialities rather than starting a family practice. Second, discuss the monoploy that the American Medical Association holds on the production of doctors in the US and i..
Two countries, Sportsland and Foodland, have similar total quantities of labor, capital, and natural resources. Both can produce two goods, figs and footballs. Sportsland’s resources are particularly well suited to the production
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