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1. Discuss and explain the differences between short and long run costs?
2. For the short run, discuss what the relationship is between cost theory and production theory and the concept of diminishing returns?
3. What is diminishing returns and how does it shape production and cost curves?
4. Discuss what the relationship is between short run cost curves and long run cost curves?
5. Finally discuss the concept of economics of scale and how long run costs curves shape the economic structure of industries?
What is the Marginal Rate of Transformation between sugar and tea?
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
Write down the differences between absorption and variable costing techniques on income statement presentation.
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
A South America nation with fixed exchange rate system has close economic ties with USA symbolized through extensive trade and unrestricted flow of capital between two nations.
The federal Insurance Contributions Act tax is a payroll tax that finances Social Security and MEdicare. By law, employees each contribute 7.65 percent of the workers wages toward the events.
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
Explain how microsofts bundling of free internet browser software with its windows operating system could violate US antitrust laws, and be sure to mention which laws in particular might be violated.
35 percent Turkey growers operate in a competitive, stable cost industry. This industry has reached a long run equilibrium at a price of $1 per pound of turkey
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