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if the marginal production of labor is rising, is the marginal cost of production rising or falling? Briefly explain
what will be the possible concequences if a large scale like Toyota place its new product in Indian market without having forecast the demand for its product
Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product T
Problem: a. With the help of diagrams, describe how the price and quantity of potatoes will change under the different circumstances: (i) A severe drought affecting its pro
REAL VERSUS NOMINAL PRICES • Nominal price is a complete or current dollar price of a good or service when it is sold. • Real price is the price related to a combined me
1. Let's get some practice plotting budget constraints. On the graph below, plot the budget constraints when: a. (Use Black): P x = 57,P y = 18, and M = 342. b. (Use Blue):
why constant return to scale is important
A firm is currently operating where the MC of the last unit produced = $84, and the MR of this unit = $70. What would you advise this firm to do?
Calculate the price elasticity of demand or supply for the following function when P=8 p=6(I)p=40-0.5q
Example of a cost function
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