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For each of the following costs, decide whether or not it is a fixed cost or a variable cost for the firm in the short-run. Provide a brief argument for your classification of the cost. a) A one-year lease on the building in which the building is located. b) Annual property taxes that are assessed on the value of the land the business owns. c) The cost of a necessary metal used in the production of the firm’s product. d) A 10-year-old metal stamping machine that has a useful life of 20 years in your business and is sufficient to produce any desired level of output for the firm. e) Sugar that the firm uses to make the cookies it sells.
First Problem The production function for fragles is f(K, L) = L/2 + K, where L is the amount of labor used and K the amount of capital used. Does this technology demonstrates increasing, constant or decreasing returns to scale? Is the marginal produ..
How did samsung's unveiling of the galaxy S5 affect the demand for the S4? what determinant(s) of demand changed? How did walmart's price cut compensate?
Namely, the husband is unhappiest when he is at the opera by himself, he is a little happier when he is with his wife at the opera, he is happier still when he is at the football game by himself, and he is the happiest if they are both at the footbal..
When the Fed sells government securities:
Recognize and utilize the vocabulary, terms and theories essential to the discipline of Economics - Describe the differences between macroeconomics and microeconomics.
Recall the Application. During "happy hour," many bars and restaurants face an increase in demand for food and drink, and these establishments often cut prices during these times of increased demand. When this demand increases, the bars and restauran..
Assume that the market for wheat is perfect competitive, with demand curve P = 5000? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2, which results in marginal cost of M C = 1 + 2Q. A) ..
If the market is made up of 100 individuals with demand curves identical to Mr. Smith's, Illustrate what will be the point also arc elasticity for the conditions specified in parts a also b
A manufacturer of microwaves has discovered that male shoppers have little value for microwaves and attribute almost no extra value to an auto-defrost feature. Female shoppers generally value microwaves more than men and attribute greater value to th..
A quarter century ago Canada, Mexico and the United States formed a customs union, known as NAFTA. This is not a common market, and indeed there are an estimated 7 to 10 million illegal immigrants living in the United States, many of whom are Mexican..
A company can earn 6% on their investments. How much should the company invest today to be able to fund two $2,500 projects each year for the next 10 years?
Which of the following fiscal policy actions will result in the greatest increase in Real GDP?
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