Q1 how does the theory of efficient production apply to

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Q1. How does the theory of efficient production apply to managers of government bureaus or departments that are not run for profit? How about nonprofit clubs that collect just enough dues from their members to cover the cost of operation?

Q2. Q=100P-0.3 represents a demand curve. Obtain a demand schedule also a demand curve. What types of products which may exhibit this type of non-linear demand curve? Explain from cost, price and competition perspective

Q3. Most states require that you purchase modest automobile insurance when you buy a car. Use an indifference curve diagram to show that this mandate reduces utility for some people. What kinds of people are most likely to have their utility reduced by such a law? Why do you think that the government requires such insurance?

Reference no: EM13354146

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