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The total cost equation in the production of bacon at some hypothetical factory is
C = 1000 + 100Q – 15Q2 + Q3
Where C = Cost...
(Solved)
The total cost equation in the production of bacon at some hypothetical factory is
C = 1000 + 100Q – 15Q2 + Q3
Where C = Cost measured in shillings, while Q = quantity measured in kilograms.
Compute the total and average costs at output level of 10 and 11 kilograms.
Date posted:
February 6, 2019
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Answers (1)
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Briefly explain and illustrate quasi-rent.
(Solved)
Briefly explain and illustrate quasi-rent.
Date posted:
February 6, 2019
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Answers (1)
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Using well labelled diagrams, illustrate cases when the total factor payments may equal to economic rent,
or transfer earnings or shared between the two.
(Solved)
Using well labelled diagrams, illustrate cases when the total factor payments may equal to economic rent,
or transfer earnings or shared between the two.
Date posted:
February 6, 2019
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Answers (1)
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Explain what is meant by the terms transfer earnings and economic rent of a factor of production
(Solved)
Explain what is meant by the terms transfer earnings and economic rent of a factor of production
Date posted:
February 6, 2019
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Answers (1)
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A monopoly firm is faced with the following demand function
P = 13 – 0.5Q
The Marginal Cost function for the firm is given by 3 +...
(Solved)
A monopoly firm is faced with the following demand function
P = 13 – 0.5Q
The Marginal Cost function for the firm is given by 3 + 4Q and the total fixed cost is 4.
Determine the output level at the break-even point.
Date posted:
February 6, 2019
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Answers (1)
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A monopoly firm is faced with the following demand function
P = 13 – 0.5Q
The Marginal Cost function for the firm is given by 3 +...
(Solved)
A monopoly firm is faced with the following demand function
P = 13 – 0.5Q
The Marginal Cost function for the firm is given by 3 + 4Q and the total fixed cost is 4.
Determine the level of super-normal profit if any.
Date posted:
February 6, 2019
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Answers (1)
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Illustrate and explain the short-run supply curve of a firm in perfect competition
(Solved)
Illustrate and explain the short-run supply curve of a firm in perfect competition
Date posted:
February 6, 2019
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Answers (1)
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Explain why a firm in perfect competition may continue in the production of goods which it
can only sell at a loss and why it cannot...
(Solved)
Explain why a firm in perfect competition may continue in the production of goods which it
can only sell at a loss and why it cannot continue doing this indefinitely
Date posted:
February 6, 2019
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Answers (1)
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Write explanatory notes on the various types of internal and external economies of scale.
(Solved)
Write explanatory notes on the various types of internal and external economies of scale.
Date posted:
February 6, 2019
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Answers (1)
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Using a well-illustrated diagram, show that a monopolist can make losses in the short-run even
when MC = MR
(Solved)
Using a well-illustrated diagram, show that a monopolist can make losses in the short-run even
when MC = MR
Date posted:
February 6, 2019
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Answers (1)
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Using a well illustrated diagram, explain why prices are "sticky" downwards under an
oligopolistic market structure
(Solved)
Using a well illustrated diagram, explain why prices are "sticky" downwards under an
oligopolistic market structure
Date posted:
February 6, 2019
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Answers (1)
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Explain the meaning of mobility of factors of production. To what extent are factors of
production mobile?
(Solved)
Explain the meaning of mobility of factors of production. To what extent are factors of
production mobile
Date posted:
February 6, 2019
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Answers (1)
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If Mrs. Breader views butter and margarine as perfect substitutes, draw a set of indifference
curves that describe her preference for these two commodities
(Solved)
If Mrs. Breader views butter and margarine as perfect substitutes, draw a set of indifference
curves that describe her preference for these two commodities
Date posted:
February 6, 2019
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Answers (1)
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Explain any four uses of indifference curve analysis
(Solved)
Explain any four uses of indifference curve analysis
Date posted:
February 6, 2019
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Answers (1)
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Briefly explain two exceptions to the definition of an indifference curve.
(Solved)
Briefly explain two exceptions to the definition of an indifference curve.
Date posted:
February 6, 2019
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Answers (1)
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Explain the main characteristics of indifference curves
(Solved)
Explain the main characteristics of indifference curves
Date posted:
February 6, 2019
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Answers (1)
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Illustrate and explain Consumer equilibrium under the ordinalist approach
(Solved)
Illustrate and explain Consumer equilibrium under the ordinalist approach
Date posted:
February 6, 2019
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Answers (1)
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Illustrate and explain Consumer equilibrium under the cardinalist approach
(Solved)
Illustrate and explain Consumer equilibrium under the cardinalist approach
Date posted:
February 6, 2019
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Answers (1)
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Define marginal utility and clearly explain the oxiom of diminishing marginal utility.
(Solved)
Define marginal utility and clearly explain the oxiom of diminishing marginal utility.
Date posted:
February 6, 2019
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Answers (1)
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Given the following table: What type of goods are X, Y, Z & W and why?
(Solved)
What type of goods are X, Y, Z & W and why?
Date posted:
February 6, 2019
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Answers (1)