Economist distinction between the long run

Assignment Help Microeconomics
Reference no: EM132542117

The economist's distinction between the long run and the short run captures the idea that quantities of some factor inputs can be varied in the short run but not in the long run. Why is this true? ( or is this just a typo in the answers?)

Reference no: EM132542117

Questions Cloud

Determining the optimal price of a ticket : A theater on Broadway recently increased the price of a ticket for a popular play by 8%. The attendance went down by 3%. What is the price elasticity of demand
Calculate the amount charged to production overhead : Calculate the amount charged to production overhead. A company employs 20 direct production operatives and indirect staff in manufacturing department.
Evaluate the law of diminishing marginal utility : Evaluate the law of diminishing marginal utility.
Examine the diamond-water paradox : Examine the diamond-water paradox. Why are diamonds more expensive than water?
Economist distinction between the long run : The economist's distinction between the long run and the short run captures the idea that quantities of some factor inputs can be varied in the short run
Determining the cost of providing a cleaning service : Determining the cost of providing a cleaning service to a particular client, which of the following would be classified as a direct cost?
Number of slanderous campaign ads : Jiffy-Pol Consultants is paid $1,000,000 for each percentage of the vote that Senator Sleaze receives in the upcoming election.
Profit-maximizing price-quantity combination : Calculate the profit-maximizing price-quantity combination for a monopolist. Also calculate the monopolist's profit.
Explain between committed and discretionary fixed costs : Explain the difference between committed and discretionary fixed costs. Among the fixed costs of Howarth Company are depreciation and research

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd