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An accountant for a car rental company was recently asked to report the firm's costs of producing various levels of output. The accountant knows that the most recent estimate available of the firm's cost function is:
C (Q) = 100 +10Q+Q2
where costs are measured in thousands of dollars and output is measured in thousands of hours rented.
Show graphically what happens in the short-run and in the long-run. Be sure to label your graph correctly for full credit. Write the graph clearly and neatly. If you want to, describe what happens too.
Explain how does the Concept of Comparative Advantage actually "prove the advantages" of free trade to both countries involved in a transaction.
Elucidate whether the following statements are true, false, or uncertain. Utilize specific models to support your answer where possible. .
l. How can you tell that this is not the long-run least cost of producing this level of output m. How would the firm adjust its labor and capital usage to produce this level of output at least cost in the long-run
After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke.
If salary in the private organization are set equal to the value of the marginal product, how much will they rise yearly.
Could a future advance in technology allow product ion beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?
A rural stretch of a two lane road in Loudoun County is to be refurbished or a new route established. The existing road, E, will cost $3,000,000 and the new route, N, will cost $5,000,000. Annual O&M costs will be $120,000 for E and $90,000 for N...
Welfare analysis: Basic concepts and Individual demand and consumer surplus
Chris Cook studied the same situation and decided that the solar system will not require the $180 of maintenance every 4 years. Chris believes future replacements of either the conventional electric water heater or the solar water heater system ca..
economists also the public at large normally think of skill-level having having an inverse relationship with unemployment.
Suppose you have $2000 in currency in a shoebox in your closet. One day, you decide to deposit the money in a checking account. How will this action affect the M1 and M2 definitions of the money supply?
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