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Show or explain using and example from an organization or industry you are familiar with the concept of average product and marginal product. Explain the relationship between marginal and average product using your example. Show or explain what would happen to the marginal and average product if there was a technological advance in your example what is that technology and how does it change the marginal and average product)? Please list any sources used
Illustrate what is the minimum product price at which the firm will operate in the short-run. Elucidate how many workers should the firm employ to maximize profits.
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 200 bunches of bananas.
You are the manager of a firm which produces also markets generic type of soft drink in a competitive market.
Describe perfect competition and long-run equilibrium. Provide detailed descriptions, definitions and concrete examples of your findings.
Assume you and your roommate have started a bagel deliver service on campus. List out some of your fixed costs and discuss why they are fixed.
Illustrate what is the difference between the firm's short-run supply curve and its long-run supply curve? Make up an actual example to explain your answer.
Compute the equilibrium quantity and price and Calculate the consumer and producer surplus.
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
The firm output sells competitively explain how many tons of output will be produced.
Explain how does the price elasticity for flu vaccinations change in times when flu is more prevalent versus times when flu is less prevalen.
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
Describe capital and labour productivity in engineering context and pharmaceutical industries in India. Discuss whether Indian Consumer goods industry is growing at the cost of future profitability.
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