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If Microeconomics is considered to be study of scarce resources (Perloff, 2007). In which customers (both individuals and organizations) must make allocation decisions. These 3-basic trade offs include which products or services are to be manufactured, how to produce them, and who gets them.
Briefly explain how these three trade-offs are determined using a specific good/service found on the Internet:
Which goods/services are produced in your example?How will they be produced?Who purchases them?
Suppose you're a city planner working on new industrial park and contemplating the use of industrial ecosystem. Describe the major advantages and disadvantages of industrial ecosystem which you would consider in making your decision.
Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.
Assume Labor is the Variable Input. Capital and Land are the inputs which requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN
The question is that if two firms in the Cornout market merge into one firm, what would the merger result in? how much of marginal cost would prevail in the market, etc are answered in a detailed in manner in the solution.
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
David is horrified to see that the value of his favorite beverage has raised. Determine which of the following would unequivocally be responsible for this value raise?
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
Assume a company has the following demand equation, Q = 1,000 - 3,000P + 10A, where Q = quantity demanded, P = product value, and A = advertising expenditures
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
Assume a firm's production function is given by Q = 12L - L^2 for L = 0 to 6, where L is labour input per day and Q is output per day. Derive and draw the firm's demand for labour curve if output sells for $10 in competitive market.
Assume that in the perfectly competitive industry the equilibrium industry quantity is 10,000 units. Assume that the monopoly output is 5,000. For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is the likely Cournot QUANTITY for the in..
Suppose that the American imports of wine are a small part of total world wine production, draw a graph for the United States market for wine under free trade.
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