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Explain how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost (ATC) and Average Variable Costs (AVC). Hint: First explain how Marginal Product (MP) and Marginal Cost (MC) are related and then explain how MC is related to ATC and AVC.
The transit authority is considering raising the cost of a trip by 1%. They have estimated that this increase will lead to a 1.5% decrease in the number of riders. They had decided to raise fares if total expenditures will increase. What do you recommend?
"A firm cannot experience both economies of scale and diminishing marginal product." Do you agree or disagree? Why?
It has been reported that the severe drought being experienced in parts of the United States is resulting in less grass for dairy cattle to eat. As a result, the dairy cattle are producing less milk, which has resulted in an increase in milk prices. Why has less milk production caused milk prices to increase?Assuming dairy farmers can switch to another form of making a living, should they stay in dairy farming in the short run?
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
As per increases in population and income growth that expanded demand for housing, the price of existing houses barely increased. Why. Illustrate answer with supply and demand curves.
Explain why do some economists argue that reduction in the rate of taxation and capital gains can actually increase tax revenue collected from such gains.
Business if it was done by trade associations, certifications, and professional societies.
Elucidate marginal prices do Universities incur by offering more than one of the same classes
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Comprise a reconciliation of the differences among the forecasts for GDP and a rationalization for which forecast
Suppose that a less developed country known as LDC encourages direct foreign investment
Discuss, relating in part whether such highways are public goods and whether or not privatization should work.
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
Elucidate the effectiveness of these staffing practices and selection tools in meeting current and future employment needs of the organization.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
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