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Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost (ATC) and Average Variable Costs (AVC). Suggestion: First describe how Marginal Product (MP) and Marginal Cost (MC) are related and then explain how MC is related to ATC and AVC.
The transit authority is considering raising the cost of a trip by 1 percent. They have estimated that this increase will lead to a 1.5% decrease in the number of riders. They had decided to raise fares if total expenditures will increase. What do you recommend?
"A company cannot experience both economies of scale and diminishing marginal product." Do you agree or disagree? Why?
It has been reported that the severe drought being experienced in parts of the United States is resulting in less grass for dairy cattle to eat. As a result, the dairy cattle are producing less milk, which has resulted in an increase in milk prices. Why has less milk production caused milk prices to increase?Assuming dairy farmers can switch to another form of making a living, should they stay in dairy farming in the short run?
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
How would government react to sudden, large changes in the price of a key commodity, such as gasoline, electricity, or prices on stocks on the New York Stock Exchange?
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
In what particular ways (if any) does a college education increase a worker's productivity? Take some special care with this problem.
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Assume buyers in the used car market are willing to pay $3,500 for a plum used car and $1,500 for a lemon used car. If buyers believe that thirty percent of the used cars.
The expected returns earned from investment in the stock of two companies, Company A and Company B, are shown in the following table. Use the table to complete parts (a) through (e) below.
How foreign direct investment influences the wages
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
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