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Question: When the price of a good falls and the prices of other goods and a consumer's income remain the same, explain what happens to the consumption of the good whose price has fallen and to the consumption of other goods.
Returns to scale are about the relation between the size of a firm and its production. If you have a firm of a certain size and then increase all its inputs by the same factor, will then the total output also increase by the same factor.
Consider the production function Q=100L^.5K^.4. Suppose L=1 and K=1 so that Q=100. Explain the nature of returns to scale for this production function.
Identify the factors affecting production and costs in the short run to determine which single factor has the greatest impact on the widest variety of companies
Barriers to entry are important in the creation of monopolies because they keep competitors out of the industry. Although many types of barriers exist, historically, ownership of an essential resource, government patents and licenses, and large en..
There are many more sole proprietorhips than corporations or partnerships. Why are there so many sole proprietorships Why is the revenue of the average sole proprietorship less than that of the typical corporation
What do you feel are the most important areas of security provided by this model, and why are these areas of security important to an organization?
Review the current status of your selected company and make recommendations for changes with respect to CSR. After careful review of the status of CSR, stakeholder attitudes, and your own research, develop a Social Responsibility Plan for your sel..
drugs r us operates a mail order pharmaceutical business on the west coast. the firm receives an average of 325000 in
It it the legitimate and necessary role of the federal government or the Federal Reserve System to provide "fiscal stimulus"? Under what Constitutional authority? If so, when should stimulus be provided, and how should we determine the size of the st..
The pump cost $15,000, but it was used for 2 years before being put on the shelf. The accountants say the pump is worth $6000. The maintenance supervisor says that it will cost an extra $500 to recon?gure the pump for the new use and that he could..
These multiple choice questions are relates to Economics. The first question is about what is not rent-seeking behavior and the second question is about what happens when new firms enter a competitive market.
Calculate the own-wage elasticity of labor demand as the wage changes from $5 to $6. How would your answer be different if the wage rose from $20 to $21 - How does the slope change as one moves up this labor demand curve? How does the elasticity c..
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