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Questions
(i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experienced a sharp increase in total revenue. How do you explain this? The demand did not change. You must use a diagram to answer this question.
(ii) 5% decrease in price caused only 1% increase in total revenue. Is demand elastic, inelastic, or unit elastic? Explain.
(iii) Suppose one and only one worker is always required to operate one machine, and together they produce 100 units of output. Let's denote the number of worker by L and the number of Machine by K. What is the production function at this firm?
Question: Describe the meaning of ABC inventory control and on what key premise is this system based? The finance department of Electric Corporation gathered the following i
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If the quantity demanded of Pepsi Cola goes up, and its supply enhances what will occur in the market for Pepsi?
so this question asks for the deadweight loss if an institution decided to provide this service free of charge. I was wondering if this will achieve the socially efficent level or
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For the purposes of economic analysis, a normal profit contains the cost of the lost opportunity of the next best option allocation of the firms resources. In a purely competitive
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discuss the trend and composition of national income and per capital income
Shifts in Supply and Demand When supply and demand vary at the same time, the impact on the equilibrium price and quantity is known by: 1. The shape of the supply and dema
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