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The long-run market supply curve in a competitive market will
A. be the portion of the MC that lies above the minimum of AVC for the marginal firm.
B. typically be more elastic than the short-run supply curve.
C. always be horizontal.
D. be above the competitive firm's efficient scale
The German philosopher Immanuel Kant condemned Utilitarianism as an immoral ethical theory mainly because:
Suppose that a rm has the production function given by f(x1,x2)=4SQRT(x1*x2) Let w1 = $64 and w2 = $1. What is the total cost of producing 20 units of output in the long-run?
Elucidate how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curve slope downward.
For the total variable cost (TVC), draw a positive total fixed cost (TFC) and total cost (TC) curves. Then derive the associated marginal cost (MC), average total cost (ATC), average variable (AVC) and average fixed cost (AFC) curves. Be sure to capt..
Eastman Kodak filed for a bankruptcy in January 2012. Using our analytical framework of nine areas of interest introduced in class explain the main causes of the company's misfortunes.
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances.
How does anarchy lead to a focus on consensus and give power to veto states and coalitions? How does ecology and sovereignty collide?
q.units of labor marginal revenueproduct0 na1 302 243 184 155 126 10assume a firm is a monopsonist that can hire its
What is the opportunity cost of investing in physical capital? Do you think a country can "over invest" in physical capital? What is the opportunity cost of investing in human capital? Do you think that a country can "over-invest" in human capital? E..
The market demand for another product you are considering selling is Q(p) = 100 ? (1)p and as the 2. Only producer of this product your production costs would be C(Q) = 40Q. What is the actual Lerner Index?
A competitive industry produces a unit of sulphur dioxide with every unit of its output. The private marginal cost (PMC) in the industry is 2+(Q/2) when Q is the number of units of output. The social marginal benefit (SMB) of the industry's output is..
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers? Why might gove..
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