What Are the Benefits of Mobile Technology

Economies of Scale is a phenomenon which can be described as diminishing cost per unit as a result of increased output.

False, price inelastic implies that any increase in price has less effect on the quantity demanded.

c. in the short run, the average total costs of the firm will eventually diminish.

The most valued resource to most people is time. It is finite for everyone, considering people have 24 hours a day in which they must allocate work, family, sleep, fun, and other non-fun,

solvable but the only way to reach the end is to utilize every resource--whether this

This diagram shows that as the firm’s output increased from Q1 to Q2 , average costs fall from AC1 to AC2

this assertion are both at a macroeconomic level. What has been less closely examined is the microeconomic impact of

Question Which of the following applies most generally to supply in the long run? Answer Producers are able to make change in all their factors of production. Average total cost must decline. Producers are only able to make change in their variable factors of production. All original producers will leave the market. Add Question Here

In figure 3.4, what are the implications if the price of this product is $8?

the diminution of profit is the natural effect of its prosperity, or of a greater stock being employed in it than

I. Focused on intermediate variables, like money supply, setting strict 30-, 60-, and 90-day targets, rather than just overall growth, unemployment, and inflation

* Explain the shape of the short-run aggregate supply curve and what factors shift the curve – p.239

Constants can’t be changed but variables can be reassigned based on certain properties and data.

It is important to note that firms usually allocate their costs based on previous experience and estimation. However, firms should expect costs to change, which can be due to financial crises, inflation, or other factors, and try to adapt their cost allocation systems

By short run is meant a length of time which is not enough to change the level of fixed inputs or the number of firms in the industry but long enough to change the level of output by changing variable inputs.