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Questions 1. Explain why supply is more elastic in the long run.
Question 2. Explain what causes economies of scale. Can economies of scale and diminishing marginal returns apply to the same firm? Explain.
Question 3. In a meeting about whether to store inventory in a company-owned warehouse or rent a warehouse, a colleague says, "We should use our own warehouse and save the cost of renting one." Do you agree or disagree? Explain.
Question 4. Suppose you attend a meeting at work to discuss whether to change the price of your product. You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demand is elastic or not? Explain. Is it possible that you are both right? Explain
Questions 5. Explain why demand is more elastic in the long run than in the short run.
as monetary policymakers care more about inflation stabilization the slope of the aggregate demand curve becomes
Theoretically, assuming that the Average Total Cost structures are the same for a monopolistic competitor and a perfect competitor, which one will maximize its profit by producing more goods? Will its price be higher or lower than the other firm?
an airline consulting firm as determined that the income elasticity for leisure air travel in china is 1.5. if incomes
College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate per year
The key endogenous variable in the quantity theory?
Why might U.S. steel-using firms lobby against the imposition of quotas on foreign steel sold in the United States?
cally uses labour l and capital k in her production process. the wage rate for one unit of labour is 10 while units of
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
where there is a natural monopoly situation there may be a case for government intervention either in the form of price
What does IPO stand for? What are the primary and secondary markets for stocks? Are there advantages of going from a public corporation back to a private corporation?
Last year the imaginary nation of Freedonia had a population of 2,700 and real GDP of 16,200,000. This year it had a population of 2,500 and real GDP of 14,640,000. What was the growth rate of real GDP per person between last year and this ye..
explain how a market economy compensates for a market surplus. what about a market shortage? why is price driven toward
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