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If we are able to increase our domestic energy production, and that allows us to import less oil from foreign countries, briefly explain what will happen to the GDP.
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..
Describe the meaning of the term "mutual interdependence" as it applies to oligopolies. Provide an example.
What factors would cause a firm to decide to buy intermediate products needed for production of its final goods or services?
You've been appointed by an unprofitable firm to determine whether it should shut down its unprofitable operation.The firm currently employs 70 workers to produce 300 units of output per day.
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
n a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
What price and quantity will monopolist produce at if the marginal cost is constant $4.00? Compute the deadweight loss from having the monopolist produce, rather than the perfect competitor.
Find Total Revenue or profit
How do markets determine the payments to the various factors of production? How do markets determine the distribution of income?
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
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