Production function
Describe three properties of a variable proportions production function that make sure that it allow profit maximization and cost minimization.
When average production cost for Plastibristle Inc. falls like market demand increases and more firms go into the industry, Plastibristle is within: (1) an economically efficient industry. (2) a purely competiti
Typical firms in an industry can’t expect to produce economic profit in the long run when the industry has: (1) decreasing costs of production as the number of firms in the industry changes. (2) market demand exceeding the minimum average variab
The economy consists of a single buyer and a single seller. The buyer has the utility function b ln xB1 + xB2 with b ≤ 10. The seller has the
Decision processes within households, and government and firms and the consequences of such decisions are initially the focus of: (1) positive economics. (2) public choice economics. (3) microeconomics. (4) normative economics. (5) microeconomics.
The tobacco industry within the United States is a good illustration of: (1) monopoly. (2) pure competition. (3) oligopoly. (4) corporate responsibility. (5) duopoly. I need a good answer on the topic of Economics
In a purely competitive industry, it tends to be perfect price elasticity within the short run: (w) market demand curve. (x) market supply curve. (y) demand for the good by a single consumer. (z) demand curve facing a single firm.
When the best a monopolist can do to produce an economic profit of zero, this will: (w) shut down in the long run. (x) shut down in the short run. (y) remain in operation in the long run. (z) raise its price to raise profit. Q : Changes in total revenue by price falls When the price falls along such demand curve for pizza, in that case total revenue: (w) falls. (x) rises, then falls. (y) rises. (z) does not change. Q : Implicitly weigh marginal cost and implicitly weigh marginal cost and marginal benefit
When the price falls along such demand curve for pizza, in that case total revenue: (w) falls. (x) rises, then falls. (y) rises. (z) does not change. Q : Implicitly weigh marginal cost and implicitly weigh marginal cost and marginal benefit
implicitly weigh marginal cost and marginal benefit
Profit maximization does not essentially occur when a firm: (w) maximizes TR - TC. (x) minimizes total cost. (y) sets MR = MC and P > min.(AVC). (z) maximizes (P x Q) - (Q x ATC). Hey friends please give your op
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