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1. Does microeconomics apply to every nation in the world. Explain your reasoning. and explain the specifics of any cases or examples you use and the implications of similar on local citizens of that country.
Impact on China on Global Microeconomics
2. The total economy of China will soon pass the US; most analysts say this will occur in less than 10 years. From a microeconomics viewpoint, what does that mean for:
[A] The law of demand[B] U.S. consumers[C] Our nation in total
Find out the Marginal Revenue and Marginal Cost
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of the economic profit? Classify each of following according to those sources:
A hypothetical study examines the operations of a couple of hundreds medical clinics, with the data for amount of expenses for new medical equipment relative to total expenses in particular year(s), and the amount of revenue per physician in subse..
Will firms in industries, in which high levels of output are necessary for minimum efficient scale, tend to have substantial degrees of operating leverage? Please explain.
Company A plans to produce 300,000 units next year, the production budget is: Compute the total cost and cost per unit when the unit production is changed to 315,000 units.
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
The demand curve for the product X is given by Qdx = 460 - 4Px. How much consumer surplus do consumers receive when Px = $35?
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
Research the economic costs involved in the conducting break-even analysis for good or service of your choice. Assess the factors involved in conducting the break-even analysis. Find out the conditions which might exist for the manager of this goo..
Consider the production function Q=100L^.5K^.4. Suppose L=1 and K=1 so that Q=100. Explain the nature of returns to scale for this production function.
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