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Industry studies often suggest that firms may have long - run average cost curves that show some output range over which there are economics of scale and wide range of output over which long- run average cost is constant; finally, at very high output, there are diseconomies of scale.A. Draw a representative long-run average cost curve, and indicate the minimum efficient scale.B. Would you expect that firms in an industry like this would all produce about the same level of output? Why?
Real GDP equals 5000, nominal GDP equals 10,000 and the price level equals 2, then what is velocity if the money stock equals 2000?
The demand for housing is often described as being highly cyclical and very sensitive to housing prices and interest rates. Given these characteristics describe the effect of each of the following terms of whether it would increase or decrease the..
Identify the following as consumption or investment goods or both. Justify your answers an iPod a share of stock the Trans-Canada highway a ski lift an unsold truck by a GM plant in Ontario My textbook didn't go into too much detail on this subject.
How many units of labor should the firm use in order to produce 400 units of output at the least cost and the minimum cost of producing 800 units of output is what?
How much can he withdraw at the end of each month to have the fund last 20 years? How many years will the fund last if he withdraws $100,000 up front for a vacation condominium and then withdraws $2,000 at the end of each month.
"You have no right to shut my line down," snapped Connie. "I'm in charge of this line and I am the one to shut it down when there are problems. I suppose you've screwed around with the robot too. The minute I turn my back, you people sneak in here..
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
We make selections as customers every day. Opportunity cost is defined as a person's next best option or the cost of what you give up when you make a choice.
What is the equation of his budget line and sketch the budget line and two possible indifference curves that Herbert
Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost and Average Variable Costs
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
Explain why in a perfectly competitive market the firm is a price taker. Why can't the firm choose the price at which it sells its good and Leskeista produces table lamps in the perfectly competitive table lamp market.
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