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Industry studies often suggest that firms may have long-run average cost curves that show some output range over which there are economies of scale and a wide range of output over which long-run average cost is constant: finally, at very high output, there are diseconomies of scale.1. Draw a representative long-run average cost curve, and indicate the minimum efficient scale2. Would you expect that firms in an industry like this would all produce about the same level of output? why?
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
When using the traditional command-and-control approach to environmental regulation, the government attempts to: a. make allowances for differences across industries and between firms. b. set standards that are applicable to all situations and does n..
No one will buy the good if the price is above $80 and no one will sell the good if the price is below $20. The equilibrium price and quantity if this market is perfectly competitive would be $40 at a quantity of 20.
"A shift outward in the demand curve always results in an increase in total spending (price times quantity) in a good. On the other hand, a shift outward in the supply curve may increase or decrease total spending."
Explain why the payoff matrix in Problem 1 indicates that firms A and B face the prisoners' dilemma Why The optimal strategy for firm A and firm B in problem 1(c) is to adopt its dominant strategy of charging a low price.
Suppose you heard the following: "The gap between actual output and potential output for this year is estimated to be 6 percent to 7 percent of potential output. Wholesale prices are virtually unchanged from one yea..
Sam and Julie are talking about how much they like going to the fitness and how much they like eating out at their favorite restaurant. A session at the fitness costs the same as a meal at the restaurant. Sam says that, for his current consumption..
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
How does your analysis of VMP change if the employer is a monopolist producer of its output but a price-taker in the labor market?
When price is greater than average variable cost but less than average total cost at the profit-maximizing level of output, a firm should continue to produce the level of output at which marginal revenue equals marginal cost.
Graph the demand and marginal cost curves and calculate and indicate on the graph the equilibrium price and quantity
To complete the analysis, Chuck wants to know more about the revenue that he can generate from his farm. The price of corn depends on how much Chuck produces.
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