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Q1 Which of the following statement is trur regarding the relationship between average and marginal cost funtions?
a. The average cost function is always smaller than marginal cost function.b. The average cost function is always greater than marginal cost function.c. When average cost is a decreasing function of output,marginal cost is greater than average cost.d. When average cost neither decreases or increases( because it is constant or at a minimum point), marginal cost is equal to average cost.e. When average cost is an increasing function of output, marginal cost is less than average cost.
Q2 What is Nash Equilibrium?
a. A state where the sum of all payoffs is maximized.b. A state where each player is doing the best it can, given the strategies of all other playersc. A state where each player always must play a dominant strategy.d. A state at which the MR=MC for a firme. A state where the players always have achieved their best possible result.
Q3 At what point can a firm achieve a profit maximizing quantity?
a. MC=Db. MR<MCc. MR=MCd. MR>MCe. MR=D
Suppose that Eleanor's preference ordering changed to the following: First choice L, second choice H, and third choice M. Are Eleanor's preferences in this case single or multiple peaked? Explain.
Some economists studying the effects of the minimum wage law have found that it tends to reduce the employment of black teenagers relative to white teenagers. Briefly explain the economics behind this finding.
The estimated market demand of a commodity X is given as Q=70-3.5P-0.6M+4Pz, where Q=Estimated units of X demanded, P=Price of the goods, M= Money income and Pz= Price of related goods.
A small airline recently sold to a private equity group for $145 million. The airline has earned profits of $9 million last year. The new managers believe they can grow profits at 5% per year.
How would you draw the DD-AA diagram when the current account's response to exchange rate changes follows a J-curve? Use this modi?ed diagram to examine the effects of temporary and permanent changes in monetary and ?scal policy.
if the nominal gdp is 559 billion in the base year and it rises to 577 in year 1 and 605 in year 2 what is the real gdp
Does the structure of the drug industry have any bearing on the types of errors that drug firms are likely to make that is, would a drug industry made up of numerous highly competitive firms be more or less
Executives deal with a tremendous amount of dail stress dealing with politics in organizations - yet they do not suffer from job burn out. Some argue that their political skills save them. Research and find an article that discusses the specifi..
explain the influences on channel selection the targeted market segment the environment the products characteristics
If neither company discounts its current prices, each company will end up with $400K in revenues for the month. If Company A discounts its prices and Company B does not, Company A will end up with $650K of revenues for the month.
A loan of $1,000 (in year 0) is paid back in equal, end-of-year payments of $125 (in years 1,2,…,n). Assuming an interest rate of 8.45%, roughly how many payments were made? (i.e., what is n?)
Short run proportions are often quite different from long-run probabilities. In your own words, explain why we would expect proportions to fluctuate in the short run, but why long-run probabilities are more predictable? What is the expected long-run ..
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