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At its current level of production a profit-maximizing firm in a competitive market receives $15 for each unit it produces, and faces an average cost of $10. At the market price of $15, the firm’s marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. A. Draw a diagram that depicts the typical firm in this market. B. What is the firm’s current profit? C. What changes are likely to occur in this market and why?
If it causes output to increase by more than 10 percent, production function is said to exhibit increasing returns to scale. Why might a production function exhibit decreasing or increasing returns to scale.
Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. a) Explain why the cost/hour of producing 1000 gumballs is 2v+w (where v i..
which of the following is the best explanation for the state's historic reliance on severance taxes on oil and gas production.
Explain utility, total utility and marginal utility and the differences between them. Include examples. Explain with examples the law of demand and the demand curve. Explain “the rational consumer, marginal utility and price.
Why might leasing a new Porsche be good investment for an aspiring Hollywood film producer, even though, he can't easily afford the monthly payments.
By using calculus show that the production function exhibits diminishing returns to labor.
A piece of research equipment is expected to require an investment of $18,000, with $6,000 committed now and next year $7000 while the remaining $6K will be pay out at the end of year 2. Annual operating costs for the system are expected to start in ..
q1. the total operating revenue of a public transportation authority is 100 million while its total operating cost is
Give an example of a situation in which outsourcing had a positive impact on an organization or country or one in which outsourcing had a negative impact on the organization or country.
The organization where you work is expanding into the global market by opening an office in China. What are some potential ethical and social issues that may arise as the company expands into this new area? Can these issues be avoided or mitigated?..
How versus simply ordering each farm to reduce pesticide use to 40% of current levels under threat of heavy fines for non-compliance.
Explain how the great depression affected the us economy, what caused it, why it was so severe, why it lasted for so long, and why the economy finally recovered
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