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1) Explain the difference between explicit and implicit costs of production.
2) Explain the reasoning behind the U-shaped, long-run, average cost curve.
3) Explain the law of diminishing marginal returns.
4) Describe economies and diseconomies of scale
5) Given the following data, calculate the total fixed, total variable, and marginal costs at each level of production.
A large automobile manufacturing company is considering the installation of a high-tech handling system. The initial cost of the system is $3,000,000 and it is estimated it will save $750,000 per year in manual labor, and will incur $27,500 in operat..
What will be the deadweight loss created by this monopoly?
lge is one of the leading global companies in the industry. it is composed of five divisions air conditioning
Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demanded for each of the following values of the MPC. Then, calculate the change if t..
1.-What are the short- and long-term economic benefits and cost associated with our current high federal government budget deficits 2.-Do you think the economic benefits outweigh the economic cost, why or why not
Explain why advocates of free trade are bothered by the trend in the number of anti-dumping suits in recent years.
Mary Ann requires about 30 pounds of bananas each month, January through June, and 35 pounds of bananas each month, July through December, to make banana cream pies for her friends.
How does the study of economics depend upon the p How does the study of economics depend upon the phenomenon of scarcity?henomenon of scarcity?
Given a production Yt=(Abar)Kt^(1/3)Lt^(2/3) and K*=1000 and Abar=3/2. and also there are Labor=1000 workers who supply labor in elastically. What does the long run model say wage in this economy is?
The number of cell phones (CP) in the United States has been growing according to the following model CPt = CP0(1 + g)t where g is the growth rate and CP0 is the number of cell phones (in thousands) in 1995
Want the duration of its assets to be greater than the duration of its liabilities - a positive duration gap.Want the duration of its assets to be greater than the duration of its liabilities - a negative duration gap.
Normal 0 false false false EN-US X-NONE X-NONE Introduction: Water is a ne..
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