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According to our textbook (page 341) when one additional unit is produced, two factors directly impact the change in average total costs, the Spreading effect and the Diminishing Returns effect. In the following two situations explain how the factors of the Spreading effect and the Diminishing Returns effect cause the average total cost to be different.
a. Production of the 10th Gizmo resulted in an average total cost (ATC) of $20, but production of the 11th Gizmo resulted in an average total cost of $22.
b. Production of the 10th Gizmo resulted in an average total cost (ATC) of $20, but production of the 11th Gizmo resulted in an average total cost of $18.
In 2010 and 2011, the government of Greece risked defaulting on its debt due to a severe budget crisis. Show, using the bond market graphs, the effect on the risk premium between Canadian government debt and comparable maturity Greece debt.
Let D equal the domestic demand for oil, Sd equal the domestic supply and Si equal imported supply of oil for gasoline. Assume the world supply is infinitely elastic and the domestic supply is more price sensitive. Assume we currently import some oil..
Based on costs and revenues above, which should you do. Elucidate and show any relevant calculations.
Explain the role of the Federal Reserve, who monitors it and is it effective in its job? Evaluate one of the strategies of the Federal Reserve
Firms like McDonald's and Wendy's sell hamburgers, salads, and other products that are differentiated in nature. Given their current menus, explain what level of economic profit these firms can expect to make in the long run? What strategies could th..
What are the key points in a short-run production function that delineate the three stages of production? Explain the relationship between the law of diminishing returns and the three stages of production.
The European Union (EU) and United States (US) demand and supply equations for corn are: QDEU = 70 – (1/2) PEU QSEU = (1/5) PEU QDUS = 86 – (3/5) PUS QSUS = 30 + (4/5) PUS where QD and QS represent the quantities demanded and supplied in both countri..
How much is your currency worth (its value in terms of another currency)? How do you know the value of currency? What factors influence the value of a currency? What happens to currency values each day, and why?
Stanley's profit-maximizing output, price, and profit if he were allowed to set his own price instead of having to charge $0.80.
You are organizing a group of people to visit a state park for a day trip. You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire D drivers, your utility function is U=min(C, D), because you have to find one drive..
Explain how total output of the goods can increase when the countries switch to specializing in production of one good rather than dividing their workers evenly between the goods.
Suppose the real interest rate is 3%, the real growth rate is 2%, the money multiplier is 4, banking innovations are decreasing the demand for money by 1% per year and the money supply is growing at 10% per year. What should be the price of a T-bill ..
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