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Answer the following question in your own words without quoting anyone:
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
Consider an electricity market with a daytime (peak-period) inverse demand of P=160-Q, and a nighttime (off-peak) inverse demand P=80-Q, where P is the price of electricity and Q is units of electricity.
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Graph the demand and supply curves. What is the equilibrium price and quantity in this market and if the actual price in this market were above the equilibrium price, what would drive market toward the equilibrium?
Calculate the incremental profit that south park would earn by customizing its instruments and marketing them directly to end users.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Suppose you're a city planner working on new industrial park and contemplating the use of industrial ecosystem. Describe the major advantages and disadvantages of industrial ecosystem which you would consider in making your decision.
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
If the economy is at point C, what is the cost of one more automobile? One more rocket? Explain how the production possibilities curve reflects the law of increasing opportunities costs
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
What is significant about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
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