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While sitting in your office one evening, you start to think about some of the key microeconomic messages you wish to communicate to the Board. (Key concepts include, but are not limited to, supply and demand, pricing, competition, costs & production, and economic value added.) Pick two key concepts and discuss what you will present to the Board and why.
A printer's wage rate is $20, and the price of a printing press is $5,000. The last printer added 20 books to total output, while the last press added 1,000 books to total output.
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
Compute the profit maximizing output produced by each firm. Compute the profits earned by each firm and the cartel.
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given level of output. Determine what changes (if any) in the relative proportions of labor and raw materials need to be made to..
What are some ways public policymakers can reduce demand of cigarettes (shift of the demand curve)? Assume the government decides to implement the tax on cigarette manufacturers in order to raise the price of cigarettes. How much does the amount of..
Catfish farming in Louisiana is a perfect competition market. Hence, customers of catfish are getting their catfish at the minimum cost per unit of manufacturing catfish, and they are very happy.
Plot these curves on graphs. Compare the cost curves and discuss their characteristics.
A competitive market is intended to result in improved efficiency, though it will not necessarily improve equity. That is, a competitive market might encourage efficient production but may not necessarily result in a redistribution of wealth
Assume that you get a summer intern job and a recession start while you are there. Prepare a memo to your boss, who is a member of Congress,
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
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"?
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