Define revenue
Revenue: This refers to total money income from the sale of output.
Imagine Roger is contemplating going to school to complete a masters degree in the current period while working part time instead of full time. There are six relevant periods of his work lif, periods t=0,1,2...5. HIs earnings each period if he gets the additional education are given by Yt=100+200t
Describe the relation between average revenue and marginal revenue. whenever a firm can sell an extra unit or a good by lowering price.
(a) Explain the relationship between full employment of resources and full production. (b) Look at the following production possibilities curve illustrating the possibilities in Sluggerville for producing bats and/or p
Describe how changes in the prices of other products influence the supply of a specific product.
A firm is most certain to be capable to generate an economic profit when: (1) this is a monopoly. (2) entry within its industry in the short run is prevented through barriers to entry. (3) its marginal costs are less than the marginal costs of its com
The problem of asymmetric information is that
The merely fast food restaurant conveniently located close to a fast-growing suburb may be rather profitable despite sloppy management and poor quality control. There market power can enable several firms along with excessively high production
Siberian Software vends custom programs to the multinational corporations. Its programs are coded in a remote region. In equilibrium, the Siberian’s programmers produce a marginal revenue product equivalent to around: (i) $21 per hour. (ii) $25 per hour. (iii) $
What is APC? Answer: APC= C/Y.The ratio of income to consumption is termed as APC.
From the heterodox approach, what options does the enterprise need to produce more output? What effect do these options put on its cost structure?
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