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Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost (ATC) and Average Variable Costs (AVC). Suggestion: First describe how Marginal Product (MP) and Marginal Cost (MC) are related and then explain how MC is related to ATC and AVC.
The transit authority is considering raising the cost of a trip by 1 percent. They have estimated that this increase will lead to a 1.5% decrease in the number of riders. They had decided to raise fares if total expenditures will increase. What do you recommend?
"A company cannot experience both economies of scale and diminishing marginal product." Do you agree or disagree? Why?
It has been reported that the severe drought being experienced in parts of the United States is resulting in less grass for dairy cattle to eat. As a result, the dairy cattle are producing less milk, which has resulted in an increase in milk prices. Why has less milk production caused milk prices to increase?Assuming dairy farmers can switch to another form of making a living, should they stay in dairy farming in the short run?
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.
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
Do you think the overall level of R&D would rise or reduce over the next twenty to thirty years if the lengths of new patents were extended from twenty years to, say "forever"?
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
The fixed costs at Harley Motors are $1 million annually. The main product has revenue of $8.50 per unit and $4.25 variable cost. Find out the following.
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
Future economic glowth
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
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