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Plot total, marginal, and average product and explain in detail the relationship between each pair of curves.
Explain why marginal product first rises, then declines, and ultimately becomes negative.
What bearing does the law of diminishing returns have on short-run costs? Be specific.
"When marginal product is rising, marginal cost is falling. And when marginal product is diminishing, marginal cost is rising." Illustrate and explain graphically.
Inputs labour
Total Product
Marginal Product
Average Product
0
1
15
2
34
19
17
3
51
4
65
14
16.25
5
74
9
14.8
6
80
13.33
7
83
11.86
8
82
-1
10.25
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Suppose you are reviewing an isocost graph. The axis on the graph shows capital units on the vertical axis, and labor units on the horizontal axis.
List four reasons why analyzing the economy is not as precise as the multiplier model makes it appear.
If you can borrow (and lend) money at an interest rate of 8 percent, will the investment be a profitable undertaking? Is the project profitable at an interest rate of 12 per cent? Provide numerical calculations in support of your answers.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
Suppose two identical firms produce widgets and they are the only firms in the market. Find the Cournot-Nash equilibrium.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
Briefly accounting describe two limitations of national income. On the basis of these data calculate GDP, GNP, NDP, NI, PI, and disposable personal income.
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
Given the following predictions for nominal wage increases and productivity growth, state your forecast for inflation (assume this is all the information available to make the forecast).
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
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