Cost of production of a firm in the long run, Business Economics

Assignment Help:

Question 1:

(a) Explain, giving examples, the law of diminishing returns, clearly bringing out the relationship between cost curves and product curves in the short run.

(b) Analyse the effects of returns to scale on the cost of production of a firm in the long run.

Question 2:

(a) Explain how airfares are determined by airline companies.

(b) Analyse and comment on the pricing strategy adopted by a few airline companies that decide to collude in the long run and form a cartel for a particular air-route.


Related Discussions:- Cost of production of a firm in the long run

Primary and Secondary Markets, What would primary markets look like in abse...

What would primary markets look like in absence of secondary markets?

Differentiate value management and value engineering, Describe the differen...

Describe the difference between value management and value engineering. Value Engineering: It is concerned all along with determining the cheapest method of accomplishing

Law of commerce, Hatfield owned a large farm on which he grew grain. His co...

Hatfield owned a large farm on which he grew grain. His combine was inadequate in relation to the acreage of grain that he harvested annually. As a result, on several occasions his

What is meant by the term the triple constraint, What is meant by the term ...

What is meant by the term the triple constraint? What are the three elements of the triple constraint and why is an understanding of their relative weight significant in exercising

How subsidies in agricultural trade is trade-distorting, Problem 1: (a)...

Problem 1: (a) Clearly distinguish between the theories of Comparative and Absolute advantage of trade (you are expected to use examples to illustrate your answer). (b) Acco

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd