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A security system company's total production costs depend on the number of systems produced according to the following equation: Total Costs = $20,000,000 + $4000 ×× quantity produced. Given these data, which of the following is a false statement?
There are economies of scale.
There are fixed costs of $20,000,000 associated with this business.
There are diseconomies of scale.
In case of economies of scale a firm that produces a larger output has a cost advantage over a smaller firm.
Average cost is constant for constant returns to scale.
Discuss the pricing policy of price discrimination. Provide the economic reasoning for movie theaters, airlines, and many other businesses
Due to perfect weather conditions, there is a larger than expected crop of oranges this year.
HI5003 Economics for Business Assignment. Choose any industry and discuss the reforms done or needed in that industry. Define key economic term
Dave and Christy both follow the life-cycle hypothesis: they smooth consumption as much as possible. They each live for five periods, the last two of which are retirement. Here are their incomes earned during each period: Compute their wealth (that i..
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
Which of the following goods does not exhibit rivalness in consumption? You sell backup generators with a one-year guarantee to clinics. You offer an extended warranty that covers the next three years. Repairs averaging $4,000 are needed for 2% of un..
Explain why such firms might be able to engage in price discrimination.
Joe Creel owned a NASCAR collectibles business named Joe’s Racing Collectibles. In 1994, Creel brought Arnold Lilly and Roy Artier into the business, which they reformed as a partnership named Joe’s Racing. Creel contributed as capital to the partner..
Why there is a large role of government (either local or federal) in the transportation industry in the real world. Specifically, what types of government policies do you expect in the industry? Under what circumstances, such intervention are justifi..
Assuming other countries do not change their own trade policies, what would be the impact on the value of the dollar relative to other currencies? What would be the effect on the jobs in U.S. industries?
The production function of a firm is given in the table below.
Compute the elasticity of demand when the price of a deluxe cheeseburger raises $2.50 to $3.00 which causes sales to fall from 175 deluxe cheeseburgers each day to 125 deluxe cheeseburgers each day.
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