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1. If there are diminishing returns to the variable input, will average variable cost necessarily increase with increase in output? Explain.
2. Ms. Hunt and Ms. Peck agree to type a manuscript for professor Paul Q=H1/4 P3/4 The production function for the manuscript is given to be where Q = number of type written pages, H= the number of hours Hunt spends typing, P = the number of hours Peck spends typing. Hunt and Peck receive $4 and $12 per hour, respectively.
a. If professor Paul decides to minimise the cost of production, how much of Ms. Peck ‘s labour will be used to produce a 300-page manuscript?
b. What will be the marginal cost of the 227th page? Will this be greater than, equal to, or less than the average cost of the 227th page?
3. Explain how it is possible for an industry to be a constant-cost industry even though each firm in the industry has increasing marginal costs.
Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. What impact do you suppose farm subsidies are likely to have on the following?
What is the short-run profit-maximizing policy of a monopolistically competitive firm and how is the long-run equilibrium of monopolistic competition like that of perfect competition? also give example.
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
Determine which country has absolute advantage in production of tanks and explain why is it this country?
Find an expression for the marginal product of labor, MP L , when the amount of capital is fixed at 16 units, and then illustrate that mardinal producer of labor depends on the amount of of labor hired by calculating the marginal porducto of labor..
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
find the opportunity cost (in tanks foregone) of producing the first, second, third, fourth, and fifth bridges. the production possibilities of tanks and bridges for a society.
What happens to consumer surplus and what happens t o the economic profits earned by Widget Corp.?
Why does rent control result in a shortage of rental units.
Prepare a brief paper defining direct and indirect channels of distribution. Discuss what are the key advantages and disadvantages of each channel for your company?
Choose an existing good or service from Will Bury's Price Elasticity, Incremental expenses, or Thomas Money Service Corporation scenarios, or choose an existing business with which you are familiar.
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