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Compute the shape of the MC curve also explain the law of diminishing returns.
Explain how would the firms adjust to the long-run equilibrium also explain with a suitable industry and firm diagram
What price must firm charge if it wants to maximize it profit in short run?
Illustrate what will happen to short run & long run equilibrium, if market demand decreases.
Elucidate why shopping malls charge dept stores more lower rent than specialty retailers.
Illustrate what are the externalities between the oil production of the two oil companies.
Use demand schedule that is presented in table below to find out optimal rate of production and price when firm has constant marginal cost of $10 per unit.
elucidate why condos are becoming relatively more popular. Some residents in a condo are annoyed by the barking.
Elucidate the negative externality among franchises. Explain why would a franchise want Radisson to inspect other franchises.
Residents of Uurp consume only pork chops (X) and Coca-Cola (V). Utility function for the typical resident or Uurp is given by Utility « U(X,Y) = √(X - Y).
What kind of preferences are these? Solve for expression for this consumer's MRS. Draw 3 different indifference curves for this consumer.
Now assume a =1/2. Further, assume M=12, P1=2 and P2=2. Sketch the budget set and show the optimal point selected by this consumer (using your demands in a)).
Economist estimated that cost function of single-product firm is C (Q) = 50 + 25Q + 30Q2 + 5Q3. Based on this information, find out: Variable cost of producing 10 units of output.
Determine the market rate of substitution between food and "all other goods"? on same graph, illustrate how food stamp program alters average consumer's budget line.
If there has been 10 percent increase in consumer income between two periods, determine the percentage change in demand for foreign travel? For tobacco products? For flour?
Market supply and demand functions for product traded on a perfectly competitive market are given below. Compute the equilibrium price and quantity.
Use general formula for elasticity, not midpoint or arc elasticity formula. Illustrate your arithmetic and label your result as elastic or inelastic.
Elucidate the critical mass problem which Google talk must overcome. Illustrate the decision by MSN and Yahoo more likely directed at Google or AOL.
If you accept offer compute DD's resulting profit. Also, compute the optimal level of output (meter dug) and the level of labor usage.
what would you expect a comapny's long-run response to a fall in energy prices.
Elucidate the statement why short-run total price curve lies above the long run total cost curve.
Compute the dead weight loss due to monopoly also assume that the costst were to rise under a competitive market.
Describe economic significance of Lagrangean Multiplier and calculate its value.
Computing the equilibrium price, quantity and shortage/ surplus under perfect competition.
Q signifies number of passengers (in thousands) per year, P (average) ticket price and I the U.S. national income. Find out price elasticity and income elasticity of demand.