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In the short run, the size of the plant is fixed whereas in the long run a firm can adjust its plant size. One of the choices in the long run will be the short run plant size. That is, a particular level of output will be the optimum choice in both periods. So, short run average cost curves must be tangent to the long run average cost curve. A long run involves several short runs. Consequently, the long run average cost curve will be the lower envelope of the short run cost curves.
The firm chooses that amount of fixed factors to minimize the average costs. In the long run marginal cost curves will consist of different parts of the short run marginal cost curves for each level of the fixed factor. The long run MC will be u-shaped and will intersect the long run average curve at the minimum.
Duopolist P=20-0.1Q where Q=QA+QB CA=QA CB=0.1QB2
Dividend The distribution of an organizations earnings to its owners-the stockholders. Cash dividends are most ordinary, although partition can be issued in other forms, such
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Define the Policies of Education Universal education--particularly universal education of girls--pays a two-fold benefit. Investments are more likely to be productive with a be
1. Utilize Okun's law to answer the questions below; u t - u t-1 = -0.4(g yt - 3%) Assuming u t-1 = 7% a. Calculate the change in u (u t - u t-1 ) for each of the follo
if a commodity has limited demand , should economist say that we still have a scarcity ?
define opportunity cost and how it is useful in managerial decision making?
RATIONAL EXPECTATIONS AND ECONOMIC THEORY : Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic age
Problem 1: a) Explain the different types of unemployment that exist. b) Critically examine how monetary policy can be used to deal with inflation. c) Critically examine
A film studio in Hollywood produces movies according to the function q = F(K;L) = (2=100)K^0.5L^0.5 In the short run, capital (studios, gear) is xed at a level of 100. It costs $
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