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You produce widgets. Currently you produce 4 widgets at a total cost of $40.
(a) What is your average total cost?
(b) Suppose you could produce one more (the ?fth) widget at a marginal cost of $5. If you do produce that ?fth widget, what will your average total cost be? Has your average total cost increased or decreased? Why?
(c) Suppose instead that you could produce one more (the ?fth) widget at a marginal cost of $20. If you do produce that ?fth widget, what will your average total cost be? Has your average total cost increased or decreased, relative to part (a)? Why?
Exchange in an island economy.robin and terry are stranded on a deserted island and consume two products, coconut and fish. In a day, robin can catch 2 fish or gather 10 coconuts, and terry can catch 1 fish or gather 1 coconut.
for this assignment choose a major publicly traded automotive producer such as general motors ford toyota or
At the beginning of the twentieth century, there were many small American automobile manufacturers. At the end of the century, there were only three large ones.
if elasticity is -2 price is 10 and marginal cost is 8 should you raise or lower price?lower price. since demand
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Disinflation is defined as a reduction in the rate of inflation. B. Policymakers can exploit a trade-off between inflation and unemployment in the short run but not in the long run. C. Unemployment rates below the natural rate of unemployment are di..
A theater that shows the same movie to large families and to individuals and couples. (Hint: For which set of people will the overall expense of a movie be a larger part of their budget, so that demand is more elastic)
Provide an example of an airline or aviation firm trying to take advantage of economies of scale. Do you think they are/were successful? In what way?
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
name and briefly describe one type of policy in which intertemporal preferences over consumption or production is
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