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1. Average fixed cost is:a.AC minus AVCb.TC divided by Qc.AVC minus MCd.TC minus TVC
2. Economists consider which of the following costs to be irrelevant to a short-run business decision?a.Opportunity costb.Out of pocket costc.Historical Costd.Replacement Cost
3. When MR=MCa.Marginal profit is maximizedb.Total profit is maximizedc.Marginal profit is positived.Total profit is zero
4. In economic analysis, any amount of profit earned above zero is considered "above normal" because:a.normally firms are supposed to earn zero profitb.this would indicate that the firm's revenue exceed both its acoounting and opportunity costc.this would indicate that the firm was at least earning a profit equal to its opportunity costd.this would indicate that the firm's revenue exceeded its accounting cost
5. Explain why it is sometimes difficult to apply the MR = MC rule in actual business situations.
Illustrate what happens if the government is trying to stimulate the economy with their spending, but this leads to a greater output than projected.
Illustrate what firm dominates the beer industry. What demand and supply factors have contributed to fewness in the industry.
Assume the market for computer chips is dominated by two firms: Intel and AMD. Intel has discovered how to make superior chips and is considering whether or not to adopt the new technology.
Explain how if at all would your answer change if you know that ABC's technology had decreasing returns to scale. Explain.
Elucidate how your policy would help increase aggregate demand.
Assume the Sri Lanka government awarded contracts to private companies to rebuild the countryâ.
For each of the following pairs of goods, would you expect the cross-elasticity of demand to be positive or negative? Large (in absolute value) or small? Defend your answers:
Utilizing free markets and the price system always results in a more efficient resource allocation than central planning. Just look at what happened in Eastern Europe.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Illustrate what fiscal policy or policies would be the best to get it out of the recession
Assume now that there is an increase in demand for the good produced in this market. Market has once again adjusted to long-run equilibrium.
In an article on the steel industry, The Wall Street Journal noted that as steel prices were falling, steelmakers were not cutting production-Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encoura..
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