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Answer each of the following question in one or two paragraphs.
1-Describe the difference between average revenue and marginal revenue .why are both of these revenue measures important to a profit-maximizing firm?
2-In the 1980s,the dangerous Ebola virus entered the united states through contaminated monkeys that were imported for use in medical experiments. Suppose that this virus hadn't been contained, and had spread to the general population. Describe the resulting effects on labor productivity.(Assume that the virus is lethal in half of the people who are exposed to it?
3-Describe the difference between marginal cost and average total cost. Why are both of these costs important to a profit-maximizing firm?
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
What are some goods and services which produce positive externalities generally produced by the government?
Public administration can't exist outside of its political context. Describe how politics affects the policy making process and the delivery of governmental services.
Write the equation for the total demand for emissions across both sectors. Does one sector have uniformly lower marginal abatement costs than the other? What is the total amount of emissions in the absence of regulation?
Despite strong sales and a low marginal cost of producing the product, your company has yet to show a profit from selling the drug.
Discuss how inflation affects the rate of return required on the investment project, and the distinction between a real and a nominal (or‘money terms') approach to the evaluation of the investment project under inflation.
Consider the following problem: There are two generators in this system and there is a load of 1,000MW. There is only one node in this network.
According to scientific nutritional studies in most nations, income of $1 a day does not provide sufficient food, shelter and clothing to live. Under these situations the medical risk of death is high.
What is the monopolist marginal revenue function and find the monopolist profit maximizing quantity and price and the deadweight loss of the monopolist.
A firm has estimated the following demand function for its product:
Given the following total-revenue function tr=9q-q2 (a) derive the total-, average-, and marginal- revenue schedules from q=0 to q= 6 by 1's
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