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1. Name the three measures that examine a firm's per-unit cost at a given level of output.
2. Why does a firm's fixed cost not affect its marginal cost of producing an additional unit of a product?
3. Why is a firm's short-run total cost greater than its long-run total cost? Explain why this is also true for a firm's short-run and long-run average costs.
Analyze the dynamics of supply and demand to anticipate market equilibrium.
According to U.S. Census Bureau data (2004), average monthly income for a person with a degree in engineering was $5296 versus $3443 for a degree in liberal arts. What is the future value in 40 years of the incom differnce
Suppose that the demand curve for accountants isED=20-W. The supply curve isES=2+2W. a. Graph the demand and supply curves. What is the equilibrium wage and number of accountants hired b. Suppose California taxes accountants $2.
If the city wishes to raise as much revenue as possible from the tolls, where will the city decide to charge a toll: in the inelastic portion of the demand curve, the elastic portion of the demand curve, or the unit elastic portion? Explain.
Show that multiple steady-state equilibria are possible in this economy.
Looking at the history of either the EU, Mercosur or ASEAN, discuss the difficulties that countries face in creating free trade areas and customs unions.
A monopoly faces a market evenly split between high valuation consumers, with demand p= 10- y and low valuation consumers with demand p= 8- 2y. Marginal Cost = 0 arbitrage is impossible and the firm is free to to use.
Calculate the economy's growth rate in labor productivity from 2013 to 2014. Offer one possible cause of this observed growth rate in labor productivity from 2013 to 2014. Briefly explain your answer.
post an essay on either the Provide Reparations or the Deny Reparations forums, presenting arguments and facts that support your conclusion.
Eight marks are reserved for your explanation. The average household income rises by five percent and there is an increase in the demand for board games by 15%. Board games are normal goods but are income inelastic.
Explain how to quantify the gains
What do you think happened to the equilibrium price of the services of the most exceptional individuals? How do you think
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