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Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve. What is the concept of minimum efficient scale? What bearing may the exact shape of the long-run ATC curve have on the structure of an industry?
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
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..
Are brand extensions an important brand-growth strategy or can they endanger brands? Perhaps start with a definition of brand extensions?
Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
At what output is AVC at minimum? If the market price of firm's output is $7 per unit, should the firm produce or shut down?
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
The market for a standard-sized cardboard container comprises two firms: BooBox and Flimflax. As manager of BooBox you enjoy patented technology which permits your company to produce boxes faster and at lower cost than Flimflax.
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
Calculate the elasticity of demand and elasticity of supply at each price change in the market for financial calculators
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
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