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Industry studies often suggest that firms may have long - run average cost curves that show some output range over which there are economics of scale and wide range of output over which long- run average cost is constant; finally, at very high output, there are diseconomies of scale.A. Draw a representative long-run average cost curve, and indicate the minimum efficient scale.B. Would you expect that firms in an industry like this would all produce about the same level of output? Why?
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
What are the strengths of the CPI? What are the characteristics of these strengths? Same for weaknesses?
Construct a table showing the marginal cost of production. What is the minimum price necessary for the company to supply ten thousand copies? How many copies would the company supply at industry prices of $5,500 and $7,000 per ten thousand?
Based on your understanding of frictional, cyclical, and structural unemployment, do you think that this high unemployment rate can be explained by frictional unemployment? Why or why not?
Now suppose the government decides to subsidize the production of sugar (regardless of who it is sold to). The government wants to achieve the same increase in domestic production as in part d). What should be the amount of such production subsidy..
Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?
Analyze the major barriers for entry and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved t..
How much would each farmer produce in the long run? How many farmers would exist in the industry in the long run and
suppose the poorest 90 percent of citizens actually have an income of $15,000 because each receives $5,000 of unreported income from the underground economy. what is the Gini coefficient now?
The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge
During the past year, the average price of lots along Lake Michigan in Carol Beach rose from $2,500 to $3,000 per foot of lake front. At the same time, sales of new homes located off the Lake rose from 40 to 70 units. Calculate the cross elastici..
What is the equilibrium quantity in this market and what is the equilibrium price in this market and what are the resulting output, revenue, cost, and profit of the typical firm?
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