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Critically illustrate outthe difference between the effect of short- and long-run price elasticity of demand to consumer's purchasing decision?
Assume the short-run total product curve (TPL) is the linear function of variable input over some range of values. Find out the shape of the corresponding marginal product (MPL) and average pr
Illustrate out the term economic characteristics of the many different Market Structures in existence? (i.e. Oligopoly, Monopolistic, Perfectly Competitive, etc...)
Describe in detail what are the differences between short and long run costs? For the short run, describe what the relationship is between Cost Theory and Production Theory and the Concept of Diminis
Assume that Panasonic Electronics (maker of phones) and MCI (long distance telephone services) decide to merge. What argument would tell the United States Justice Department that it might be sociall
Suppose a firm employs 10 workers and pays each $15 per hour. Further suppose that the MP of the 10th worker is 5 unit of output and that the price of the output is $4. In the short run should the f
A case study states that the concession stand accounts for well over half profits at most theaters. Given this, what are the benefits of staggered movie times allowed by multiple screens?
Determine the total profit/loss this firm would make and assume in the long-run, the demand shifted to: Q = 100 - 5P, What should the firm do? Explain
Both traditional and new Keynesian theory indicate that the short run aggregate supply is horizontal.
Find out the firm's profit-maximizing Quantity Q, Price P, and economic profits or losses. If this firm operates in a monopolistically competitive market, what will happen in the long-run to Q, P and
If the Federal Reserve were to sell bonds, what would likely take place to the money supply and interest rates? Carefully describe (the money market graph would help).
Discuss why a firm in perfectly competitive market would select to remain in business, if its profit is zero at equilibrium. Describe any theories or concept you decide to employ to answer this ques
Illustrate out the term subsidy. Identify the economic winners and losers of the $300,000 subsidy. Explain what your city will have to give up because of the subsidy and what it will gain in the long
You should post a memo which you describe the factors that contribute to the elasticity of goods. You should also incorporate real-life example of price elasticity of demand.
What are voluntary export restraint (VER) agreements? Why do some governments force foreign exporters into them instead of just using quotas or tariffs to restrict imports by the same amounts?
Assume a firm is operating at the minimum point of its short-run average total cost curve, so that marginal cost equals average total cost. Under what circumstances would it select to alter the size
An airline ticket costs the same from Casper, Wyoming to Denver, Colorado, and from Denver to Orlando, Florida. Does this make economic sense
The Theory of the Firm document, the Friedman article, argue that main goal of firm in market economy is to maximize profit (shareholder wealth) over the long term.
Demand estimation is made difficult by the fact that customer self-interest often militates against accuracy of demand information gained through consumer interviews. True or false, explain.
The principles of economics influence your decision making, interaction with others, and the economy as a whole.
Enpar manufactures a single type of engine part for an automotive manufacturer. It operates two plants, A and B. Assume that total steel availability is 40 units. What is the optimal allocation betwee
Assume capital is fixed at 16 units. If the firm can sell its output at price of $100 per unit and can hire labor at $25 per unit, how many units of labor should the firm hire in order to maximize p
Compute the firm's optimal amount of capital and labor. Suppose wages fall to w=$500. Calculate the firm's optimal amount of capital and labor in this case.
Finally, assume once again that MCl=$20 and P=$50 but that labor productivity (i.e. output per labor-hour) is expected to increase by 25 percent over the next five years. What effect would this have
Consider manufacturer with two factories. They can produce at either factory or both. But, we need to consider the quantities that will be produced at each factory. The firm can sell its products in