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Sometimes we use math to determine precise cost curves . Other times, we must rely on our economic intuition to determine how various situations will impact our firm's cost curves. For each of the four scenarios below, determine how each event would affect our firm's marginal, average, and average variable cost curves. Consider each situation independently.
a. An increase in employee wages
b. A decrease in material costs
c. The government imposes a fixed amount of tax (i.e. it is not a percentage tax but a fixed dollar amount)
d. The rent that the firm pays on their building lease decreases.
At Lumberjacks R Us logging company, the demand for field workers is L = 2000 -100W, and the supply of labor is given by L = -600 + 50W, where L is the number of employees and W is the wage. For warehouse workers, the demand is the same, but the s..
Transaction cost is:
1. a higher rate of saving at the national level will in the long-run .a.cause a decrease in levels of capital and
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Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals
Compute the least-squares line for predicting mileage from weight. If two trucks differ in weight by 5 tons, by how much would you predict their mileages to differ?
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Assume no inventories are desired at the end of March, and there are no beginning inventories in January. Solve this exercise using DP to minimize total purchase plus storage costs.
In 1974 disease killed many anchovies and raised anchovy prices. Anchovies are used in cattle feed as a source of protein. The likely impact of this event would be to
part 1 firm perspective1. use the following article and your own research to answer the following questionscompetitive
Devise a government subsidy that will induce private education providers to educate socially optimal number of students. Explain. Provide a $ amount for the subsidy.Does it ever make sense to not educate some students. If the example were couched ..
The phlebotomy lab is designed to accommodate 20,000 draws per year then what are the average and incremental costs of a blood draw when the volume is 20,000? 10,000?
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