In April 2024
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What might happen if the government invested heavily in automation?
Price elasticity of demand gives a measure of how sensitive or responsive the _____ of a good or service is to a change in the ___ of a good or service
assume that United states is an importer of televisions
Ball Bearings, Inc., faces costs of production as follows:
Quantity Total Fixed Cost Total Variable Cost
0 $100 $0
1 100 50
2 100 70
3 100 90
4 100 140
5 100 200
6 100 360 Calculate the company’s average fixed cost, average
variable cost, average total cost, and marginal
cost at each level of production.
b. The price of a case of ball bearings is $50. Seeing
that he can’t make a profit, the chief executive
officer (CEO) decides to shut down operations.
What is the firm’s profit/loss? Was this a wise
decision? Explain.
c. Vaguely remembering his introductory economics
course, the chief financial officer tells the CEO
it is better to produce 1 case of ball bearings,
because marginal revenue equals marginal cost
at that quantity. What is the firm’s profit/loss
at that level of production? Was this the best
decision? Explain.
1. A woman managing a duplicating (photocopying) establishment for $25,000 per year decides to open her own duplicating place. Her revenue during the first year of operation is $120,000, and her expenses are as follows:
Salaries to hired help $45,000
Supplies 15,000
Rent 10,000
Utilities 1,000
Interest on bank loan 10,000
Calculate (a) the explicit costs, (b) the implicit costs, (c) the business profit, (d) the economic profit, and € the normal return on investment in this business.
numerical difference between rate of change and the level of change
Is this a good or bad time to buy a car?
What are average cost and marginal cost? Given total cost function: C = Q ^ 3 - 12Q ^ 2 + 6Omega*Q Find
Average cost and marginal cost
Critically discuss the principles of learning that could help you in designing and conducting your Economics education sessions
The maize grown in Mphumalanga is used primarily to feed livestock. Suppose that the current "foot and mouth disease" scare were to lead to a significant drop in the size of cattle herds nationwide. What impact would you expect in the market for maize?
