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The Largo Publishing House uses 400 printers and 200 printing press to produce book. A printer's wage rate is $ 20, and the price of a printing press is $ 5000. The last printer added 20 books to total output, while the last press added 1,000 books to total output. Is the publishing house making the optimal input choice? Why or Why not? If not, how should the manager of Largo Publishing House adjust input usage?
Write about the problem or issue as if you are explaining it to someone who has never taken an economics class.
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs and between marginal and average variable costs and what best accounts for the saying "Too many cooks spoil the broth?"
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
Describe the revenue, costs, and profit that Starbucks expected when it entered this market.
Shoes For Less (SFL) hires you to estimate the demand for their shoes, and you estimate this to be: Describe the difference in the results between your results and those of original consultant.
Burger Doodle is the fast-food restaurant that processes average of 680 food orders each day. Evaluate the average product cost
What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production..
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
Assume that, in a perfectly competitive market at profit maximizing quantity, the market price is greater than average total cost. Describe what will happen to the number of companies,
Suppose you manage a United States based firm that makes shoe laces that you sell in a highly competitive market your shoe laces are considered a standardized commodity through your consumers
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
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