Q1. Jae's building a corporation which follows short-run cost function:
q3 - 10q2 + 36q.
a. Illustrate what is the level of output will minimize the average cost? What is the AC at this point?
b. Does the production process indicate diminishing returns? How can you tell?
Q2. Explain the three types of unemployment. Illustrate types of government programs would be most effective in combating each type of unemployment?
Q3. Why is important that welfare programs are "means tested?"