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What is average productivity? What is marginal productivity? Explain the relationship between average and marginal productivity. What would happen to average and marginal productivity if a technological innovation were introduced to the production process? How does the law of diminishing returns affect marginal and average productivity?
Johnston production is the price taker which utilizes this cost structure in the short run:
Pick a good or service you are familiar with. Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should make in its pricing strategy.
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?
A company has a EBIT to be $100,000 every year forever. The company can borrow at 5%, has no debt and cost of equity of 15%. If the tax rate is 25 %, find out the value of the firm?
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Describe why it would cost Andre Agassi or Venus Williams more to leave professional tennis tour and open the tennis shop than it would for the coach of the univeristy tennis team to do so.
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Competitive industry, market determined price =$12, Output = 50 units, ATC = $10, Marginal cost = $15, AVC = $7-Is this firm making the right profit maximizing decision? If yes, why and if not, what should this firm do?
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
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