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Bob Edwards owns a pastry shop. Bob hires an economist who assesses the shape of the pastry shop's average total cost (ATC) curve as a function of the number of bagels produced. The results indicate a U-shaped average total cost curve. Bob's economist explains that ATC is U-shaped for two reasons. The first is the existence of diminishing marginal product, which causes it to rise. What would be the second reason? Assume that the marginal cost curve is linear. (Hint: The second reason relates to average fixed cost)
Draw a Production Possibility Frontier for the production of hamburgers and milkshakes at a hamburger restaurant.
"The ad regulator has banned a Peugeot ad that showed a man reading a text while driving, which it says is in breach of the Highway Code."
Assume that the pool of utilized textbooks grows further during the second year of the latest edition
How does a typical movie theater in New York City practice price discrimination? What strategies do they have for pricing different customers' willingness.
Suppose a domestically produced motor bicycle sells at a world price of $5,000 under unrestricted trade. The domestic producer uses $3,000 worth of imported inputs, (VA*). What is the domestic price of the imported motor bicycle? What is the possible..
Suppose the price of coffee beans increases by $0.20 per pound. What is the effect of this raw material priceincrease on the demand for roasted coffee? If one pound produces 50 cups of coffee, would the price of a cup of coffee rise by $0.01? Explain..
Because health insurance tends inevitably to cause moral hazard, will the population necessarily be over insured (in the sense that a reduction in insurance would improve welfare)? Are there beneficial factors that balance against the costs of welfar..
Insurance Consider a risk avers agent who owns an asset worth 100 USD. The agent can choose one of two actions: being cautious a1 or being negligent (a0). The agent’s payoff from having wealth w and taking action a is given by u(w_1,a_0 )=√x and u(w_..
q.if a firm faces a shortage of workers with very specific skills it may decide to undertake the necessary training
We suggested above that an annually increasing renewal fee would be an efficient means of setting optimal patent life. Similarly, suppose that owners who wanted to restrict future use of their property had to pay a fee for each year that the restrict..
Transit buses on a local San Francisco run carry 1000 passengers a day who are each charged 50 cents. The marketing department feels that by raising the price to 75 cents, ridership will decline by 200 persons (to 800 passengers a day). Suppose these..
"Buy American" is a protectionist trade policy. How does or how would this policy .affect the principle of comparative advantage?
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