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If the total cost of 20 units of a product is $20, and the total cost of 21 units is $21, then from 20 to 21 units of product the:
Marginal cost is decreasing
Marginal cost equals average variable cost
Average total cost equals average variable cost
Marginal cost equals average total cost
Pick a firm in the fashion/retail industry. In your opinion, how does the firm you selected acquire market power? What impact do barriers to entry have on the firm's market power?
If we think about a model over time (dynamic), would depletion (production) from a non-renewable resource, we wouldn't have a traditional, static supply curve that is completely based on price. Would the classic demand curve still apply?
examine the following list of goods and services. which goods and services should be included in fredonia gdp in 2009
The annual additional energy requirement is 350,000,000 kilowatt-hours. The cost of energy from Canada is 1.48 cents per kilowatt-hour for the first year. The price will be escalated at 4 percent annually for the 20-year contract period.
Relative poverty might be defined based on the: Assume someone with no income gets $1000 per month in benefits and there is a benefit-reduction rate of 60%. Someone that earns $1200 per month would have how much total income (including wage and benef..
The compressor is a key component in manufacturing both refrigerators and air-conditioners.
Using the value of MPC = 0.8, and knowing the difference between the values of expenditure multiplier and the tax multiplier, it can be safely stated that the reduction of taxes by $400 billion (other things staying the same), Estimate increased leve..
Elucidate the multiplier concept as it applies in this case. What are the qualifications and limitations of the multiplier model.
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
All parties make a single bid. But do not disclose the bid to peers. The organizer chooses the maximum (or minimum) bid as the winner. What are benefits of such a system as opposed to normal auction where bidders openly declare the bids and keep upda..
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
Assuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
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