Market Competition Robert McGill BA 201 Microeconomics 4 April 2011 Market Competition 1. Fill in the table below. Assume TC stands for Total Cost‚ TFC as Total Fixed Cost‚ TVC as Total Variable Cost‚ ATC as Average Total Cost‚ AFC as Average Fixed Cost‚ AVC as Average Variable Cost‚ and MC as Marginal Cost. TC TFC TVC ATC AFC AVC MC Units of Output 0 20 20 0 0 0 0 0 1 21 20 1 21 20 1 1 2 24 20 4 12 10 2 3 3 32 20 12 10.67 6.67 4 8 4 48 20 28 12 5 7 16 5 75 20 55 12
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answer. I. Explain the difference between diminishing total returns to labour and diminishing marginal returns to labour. Diminishing returns to labour means that an increase in the number of labour units will decrease the amount of output. Diminishing marginal returns means that additional units of labour increase output at a decreasing rate. II. Suppose the production function for T-shirts can be represented as q = L0.25 K0.75. When K = 1 and q = 2‚ what is the slope of the isoquant?
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Microeconomics WA3 1. At its current level of production‚ a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit‚ the firm’s marginal cost curve crosses the marginal revenue curve at an output level of 1000 units. What is the firm’s current profit? What is likely to occur in this market‚ and why? Total rev | 12500 | Total costs | 10000 | TC=ATC(Q) = 10 ( 1000) = 10000 Profit=TR-TC
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NCFE Certificate in Equality and Diversity NCFE Certificate in Equality and Diversity Unit 1 Assessment Unit 1 Assessment SECTION 1: UNDERSTANDING EQUALITY SECTION 1: UNDERSTANDING EQUALITY Maylia was born in Britain in 1974. Her parents were both born in Uganda but sought refugee status which they were granted in the early 1960s. Maylia has a slight accent which she has grown up with from her parents and family. Maylia was born in Britain in 1974. Her parents were both born in Uganda but
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Advanced Placement Microeconomics Instructor‚ Mrs. Peggy Pride Study Notes to accompany Economics Principles‚ Problems and Policies‚ 15th Ed. Campbell McConnell Stanley Brue AP MICROECONOMICS SEMESTER PLAN Instructor‚ Mrs. Peggy Pride TEXT: Economics‚ Principles‚ Problems and Policies‚ 15th Edition‚ McConnell and Brue Video: Econ U$A series with discussion Class Activities: APIP workbook activities‚ reinforcement and writing activities and other teacher-developed materials This semester-long
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After reading “Chrysler Enters the Race to Introduce Electric Models” by‚ Bill Vlasic Chrysler is planning on producing an electric car to sell in 2010. Chrysler has three electric models now but is planning on producing a full line of cars in the future. This is an attempt by the auto maker to compete in the market for electric automobiles. Compared to G.M. Chrysler is adopting its existing models to electricity rather than building a new platform‚ putting their money into technology rather than
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MICROECONOMICS PORTFOLIO Theme:- Changi Airport authorities must promote Airlines by giving them rebates in landing charges and office rentals to increase traffic on airport. Article selected for discussion:- “Changi must extend Lifeline”‚ THE STRAITS TIMES‚ 14 November 2009 Main points in the article:- • Firstly SARS Virus hit the aviation industry in 2003 and currently economic downturn is pulling it back. • Changi Airport authorities are giving
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EGC1 Flash Cards Study online at quizlet.com/_etuek 1. 2. 3. 4. 5. 6. 7. Although new trading and investment patterns are emerging‚ with which type of nations do underdeveloped nations typically trade? Nations in which a poor business climate can be taken advantage of Assume that a country’s tax revenues have increased due to economic prosperity and the government has increased spending. How will these changes in government spending affect the country’s gross domestic product (GDP)‚ ceteris
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BTEC National ICT Unit 8 – E-Commerce Name: CRITERIA EVIDENCE Comment P1 describe the technologies required for e-commerce Powerpoint/word document that has the main hardware and software needed to run an e-commerce business P2 explain the impact of introducing an e-commerce system to an organisation Presentation that contains the benefits to a company for introducing e-commerce P3 explain the potential risks to an organisation of committing to an e-commerce system Presentation that contains
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Memories can be good and bad; memories can make us and cry‚ memories and feel good and hurt. Memories are something that we deal with a day to day basis. We can call them up so quickly‚ and hide them immediately. Memories are something every living thing has. From where to go‚ to when you do something. In particular‚ human memory is the loaded with things to remember. But how do we store them? It makes you wonder‚ how our memory system works. What is a memory? According to Merriam-Webster
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