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1). Describe the factors that may cause economies and diseconomies of scale. Give an example of each.
2). Describe the economic concept of the law of diminishing marginal returns. Please give an example. Why is this important?
3). Why is the equality of marginal revenue to marginal cost essential to profit maximization in all of the market structures? Explain the decision-making process when MR is greater than MC and when MC is greater than MC. Why does a manager want to operate at a capacity where MR=MC?
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
Using the given table, find out the quantity where MC = ATC. Find out the quantity where ATC is at its minimum. Find out the quantity that is the most efficient operating point for the firm.
Operating Cash Flows. Laurel's Lawn Care, Ltd., has a new mower line that can generate revenues of $120,000 per year. Direct production costs are $40,000 and the fixed costs of maintaining the lawn mower factory are $15,000 a year.
Current economic theory and their application or lack of application to contemporary economic problems
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
You're in Management for IBX Steel Components. J. D. Brotsky is a top labor leader and just announced that her union will go on strike against management unless you grant the workers a significant pay raise.
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands of dollars): Calculate a 3-month centered moving average.
There're many different kinds of monopolies which exist in the market. you're going to talk about the different kind of monopolies, their place in the market, and their effect on society. please describe the following:
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