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1. If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output? Explain.
2. Ms. Hunt and Ms. Peck agree to type a manuscript for professor Paul Q=H1/4 P3/4 The production function for the manuscript is given to be where Q = number of type written pages, H= the number of hours Hunt spends typing, P = the number of hours Peck spends typing. Hunt and Peck receive $4 and $12 per hour, respectively.
a. If professor Paul decides to minimise the cost of production, how much of Ms. Peck ‘s labour will be used to produce a 300-page manuscript?
b. What will be the marginal cost of the 227th page? Will this be greater than, equal to, or less than the average cost of the 227th page?
3. Explain how it is possible for an industry to be a constant-cost industry even though each firm in the industry has increasing marginal costs.
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
Textbook publishers have traditionally manufactured both United States and international editions of most leading textbooks. The United States version typically sells at a higher value than international edition.
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The demand for new homes in the United States is often described as highly cyclical and very sensitive to housing prices and interest rates.
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