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a. Explain the relationship between the law of diminishing marginal returns and the shape of a firm's marginal cost curve?b. The long-run equilibrium for a perfectly competitive industry occurs when the firms are earning economic profits of zero. Why would firm stay in business if it is making zero economic profits?c. Should governments outlaw monopolistic competition in the interests of efficiency? Why or why not?
What would be the appropriate fiscal policy to help our economy? Please evaluate how our economy is doing and why you selected your respective fiscal policy action. What are some of the challenges of using fiscal policy to sta..
The irony is that those who are aware of the Pareto principle, do not use it as often as they should in making decisions. Name at least a dozen ways to apply the Pareto principle (the 80/20 rule) that have not been thought of regarding decision-ma..
How many additional watches can be produced by an extra hr of labor? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide?
WHAT FACTORS AFFECTED NATIONAL INCOME, UNEMPLOYMEY RATE AND INFLATION RATE WHAT FACTORS EFFECT EACH OF THESE ECONOMIC VARIABLES?
Differentiate between the resource market and producer market in a circular flow model. Determine the way that businesses and households both sellers and buyers in this model also find the flows in the circular flow model?
Some news reports have suggested that the proposed tax would increase cigarettes prices by $1.00 per pack and be paid by smokers (cigarette buyers). Using (separate) competitive supply and demand diagrams of the cigarettes market carefully show an..
What are the highest and lowest payments from the writer that the beekeeper-farmer team will accept for the sixth day?
What are some the kinds of incentives for providers for efficiency in delivery of healthcare services. Describe who bears the financial risk, the provider, the patient, or the managed care organization?
How does the standard economic view of rationality relate to the concept of bounded rationality Which seems more realistic What does your answer imply about economic models
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
Plot graphically the demand and MR curves for each market, and also show GGC's combined marginal revenue curve (?MR) and its MC curve. Show graphically the quantities that should be produced and sold, and the prices that should be charged, in each..
a.In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets. b.Cite as many examples as you can of these types of businesses.
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