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The total cost curve gets steeper as output increases because of
increasing returns to the variable input.
decreasing returns to the variable input.
increases in fixed cost.
decreases in overhead costs.
A city needs to choose area rubbish disposal areas. Area A: A gravel pit has a capacity of 16 million cubic meter. Owing to the possibility of high groundwater the Regional Water Pollution Control Board has restricted the lower 2 million cubic meters..
Consider a rancher-farmer economy. Assume that the rancher has no choice over how many cows to raise but either the farmer or the rancher (or both) can build a fence to eliminate the crop damage of $150. However, the costs of installing the fence are..
What are the endogenous variables under a fixed exchange rate regime in a small open economy. If there is a fixed-exchange-rate system, then in the long run: The interest rate in a small open economy IS-LM model is determined by. In a small open econ..
A firm’s marginal cost curve above the average variable cost curve is equal to the firm’s individual supply curve. This means that every time a firm receives a price from the market it will be willing to supply the amount of output where the price eq..
Show the IS, LM or FE curve shifts in response to the following events. Note we are not analyzing general equilibrium here, just the shifts of the individual curves. Increase in the riskiness of bonds relative to holding money
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (Q(I)=20). What is the industry's long-run supp..
A “rule of thumb” for automobile owners is that the yearly total costs (maintenance and insurance) for the first five years of operation of a new (i.e., not used) automobile will average roughly 10% of the vehicle’s purchase price.
The inverse demand a monopoly faces is p = 100−Q+A0.5, where Q is quantity, p is the price, and A is its level of advertising. Its marginal cost of production is constant at $10 (no fixed cost), and its cost of a unit of advertising is $1. (a) Write ..
Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For every level of output, which technology is cheapest.
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. Which of the following would ..
Why does the percentage gain in earnings observed when worker gets one more year of schooling measure the marginal rate of return education?
Present an argument supporting the position that the ADA has been appropriately interpreted and applied by the courts (in terms of the types of disabilities covered), or that it has not (for example, that it has been overly interpreted and applied to..
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