1.What is marginal productivity? Compare it with average productivity. In a particular industry you are familiar with, compare its marginal productivity from average productivity. What would happen if a technological innovation is introduced in that industry’s production process? Please explain your answers.
2. Another important law in Economics is the law of Diminishing Marginal Productivity. Explain as to how this law affect you in your place of work.
3. How do you differentiate economics from accounting. Illustrate your differentiation.
4. How does technology affect the productivity and cost of the industry you currently work for or you are familiar with? How do the technical and economically efficient concepts shape the long-run average total-cost curve of this industry?
5. Show the relationship between the short run and the long run costs. Please give some real world applications of both concepts.
6. A wheat farmer is at a production level where MC=MR. Assume that half of the cost of producing wheat is the rental cost of the land and half is the cost of labor and machines. What would you advise the farmer if the average total cost producing the wheat is $12 and the price of wheat is $10?
7. On Perfect Competition or Competitive Market, or Perfectly Competitive Market, what are the necessary conditions for this type of a market structure to exist. Please give an example of this type of market structure.
8. In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, none of each or could be both? Why do some perfectly competitive firms stay in business even when they make no profits? Please explain either or both.
We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.
At homeworkcheg.com, You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.Read more
The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.Read more
The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.Read more
By placing an order with at HomeworkCheg, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.Read more