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a) Draw a graph to show the average total cost, average variable cost, average fixed cost and marginal cost curves for a competitive firm.
b) Assume the cost curves illustrated in part a) represent the cost curves for a road transport company. Illustrate and explain how each of the following affects the company’s average total cost, average variable cost, average fixed cost and marginal cost.
a) An increase in the price of diesel (diesel is a significant cost for the company).
b) A decrease in the annual rent the company pays on its transport storage facility.
c) With the aid of relevant diagrams, explain why the U-shapes of the short-run average total cost and long-run average cost curves are the result of quite different forces.
Assume you have been hired as a managing consultant by a company to offer some advice that will help it make a decision as to whether it should shut down completely or continue its operations. It currently uses 100 workers to produce 6,000 units of o..
Consider the following scenarios and classify the type of unemployment.
There is a dollar on the table, which each player can try to grab. If only one player grabs, G, and the other does not, D, the player who grabs gets the dollar and his payoff is 1, while the other player's payoff is 0. Which strategy profiles are ra..
Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?
Illustrate what price should firm charge to realize targeted profit. Illustrate what would be its (cost-based) mark-up ratio.
Define the terms listed below. You should write a paragraph explaining each concept as if you were writing for your 15-year-old sibling (or a high school textbook). Fiscal Policy, The Multiplier Effect, Full Employment, Automatic Stabilizers
The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed ..
According to the theory of purchasing power parity (PPP), what will happen to the value of the dollar (against foreign currencies) if the U.S. price level doubles and price levels in other countries remain constant? Why is the theory more suitable to..
In Krugman and Obstfeld's International Economics, 8e, Chapter 16, an involved argument is given showing that a permanent fiscal expansion will not affect output even in the short run. It seems to me that this is a saddle point stability argument in ..
Value Chain; Multiple Industries Generally, the value chains involved in providing a given product or service can be from multiple industries that can be interconnected in complex ways. One example is the auto industry where the primary consumer, the..
Two manufacturing firm, located in cities 90 miles apart, both send their trucks four times a week to the other city full of cargo and return empty. Each driver costs $275 per day with benefits (the round trip takes all day) and each firm has truck o..
You are the manager of a 24-hour copy shop that is closed on Sundays. You lease a building for $2,000 per month and hire three employees who each work eight-hour shifts at a wage of $10.00 per hour (each works a total of 40 hours per week). Are there..
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