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Assuming the price of labor is $6 per unit and the price of capital is $12 per unit; compute the total variable costs, the marginal costs, and the average variable costs for the firm.
Using the numbers that you calculated above, explain the relationship between the marginal cost and average variable cost. Using the same numbers, explain the "marginal cost" in terms of additional inputs needed to produce a marginal unit of output. If the output price was $62, how many units of output would the firm produce? Explain.
In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15.
In Managerial Economics, Applications, Strategy, and Tactics, if contract promises were not excused because of acts of war, would the clearing and settlements clients of Bank of New York change their behaviour
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
Price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm will ceteris paribus.
Write down the budget constraint of the representative consumer and Write down the maximization problem of the representative consumer and find labor supply
A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees.
Clarke's workers are highly skilled artisans with a great deal of job mobility. What impact would the wage increase have upon the firm's employment.
If one draws MC curves pre and post innovation as well as the Marginal Revenue line for a monopoly and the MR in a competitive situation.
The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are $100.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Determined by the ability to find, attract, keep, develop, and tap into the most talented workforce that can be assembled.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
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