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I'm asked to sketch the average and marginal cost curves of a software company, in which when it first starts up, the costs are extremely high.High start up costs, millions of dollar spent to make the software But after it has made the software, the costs in distributing it to customers "entails low incremental costs that is virtually zero". So should the MC and AC curves be U shaped or can they simply be sloping downwards because of the economies of scale?
How should the curve look like?
Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competition.
If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is the natural rate of unemployment? Where is the ec..
Briefly discuss whether this problem provides enough information to determine whether the equilibrium price and quantity of trucks increased or decreased.
Industry supply and demand are given by QD = 1000 - 2P and QS = 3P. Determine the equilibrium price and quantity?
How much revenue does McBurger currently earn based on the information above and is McBurger maximizing its revenues
Use Human Capital theory and describe the relationship between skill and unemployment. Naturally, economists and the public at big usually think of skill level having having an inverse relationship with unemployment.
What is a market structure? Define and discuss in detail the differences between a monopoly, an oligopoly, perfect competition and monopolistic competition.
An interesting example of strategic behavior comes from the 1997 article regarding Microsoft's investment in Apple (New Straits Times, 1997). The article is included in Required Readings list.
You have won the lottery. There are two ways which you can receive your prize. You can either have 1 million in cash now, or you can have 1.2 million that is paid out as follows: $300,000 now, $300,000 in one year's time, $300,000 in two years' ..
Suppose the recipient of a kidney transplant has stated that she would prefer 5 years of perfect health to the 10 years she expects to live with her transplant.
IBM Company has a reputation for not necessarily making new technology, but acquiring relatively new firms with innovations and successful technology.
Obtain price elasticity of demand for good one. Obtain income elasticity of demand for good and find the amount of compensation needed for Hicks compensation
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